8-10 Percy Street, Stoke on Trent, ST1 1NE

A Freehold mixed use investment opportunity.

Property details

Type Investment, Retail
Tenure Freehold, subject to the existing tenancies.
Price Offers over £415,000
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Features
  • Freehold betting shop with 3 refurbished apartments above
  • Ground floor let to Ladbroke Betting & Gaming Ltd
  • Apartments converted to an extremely high standard and fully let
  • Total income - £30,350 per annum
  • Freehold – offers over £415,000, reflecting a net initial yield of 7.01% (allowing for purchasers costs)
Location
Percy Street is centrally located within the centre of the Hanley district of Stoke On Trent, close to the very popular Cultural Quarter where a wide range of retail, leisure and office orientated businesses are located. The recently establish Smithfield development (www.smithfieldstoke.com) is also close at hand, where over 210,000 sq. ft of Grade A office space has already been built and occupied with another 214,000 sq. ft. in the pipeline. The Hilton Garden Inn hotel and an 11 storey 151 unit apartment block have also been constructed and a 730 space multistory car park is currently under construction. Festival Park is within a 15-minute walk where a significant number of office businesses are located together with leisure outlets such as Water world, the Odeon Cinema and Stoke Ski Centre.
Description

The property comprises a mid-terraced property with a ground floor (and basement) retail unit, currently trading as a betting shop, with three superbly presented self-contained apartments above. The ground floor retail unit consists of a retail sales area of approximately 715 sq. ft. and further 807 sq. ft. of basement storage. There are toilet facilities to both ground and basement levels. The first and second floors were converted by the vendor in 2017 to now offer a 2 bedroom duplex flat, and two, one bedroom flats of the highest quality. The property is currently fully let, producing a total income of £30,350 per annum.

Price
Offers in excess of £415,000 are invited for the Freehold interest, subject to the existing tenancies. An offer at this level reflects a net initial yield of 7.01% allowing for purchasers costs of 4.27%.
Tenancy
Ground floor – Let to Ladbroke Betting & Gaming Ltd for a term of 5 years, expiring 28/9/2025. There is a break clause on 28/9 /2023. The passing rent is £13,250 per annum.
Flat 1 (2 bed duplex) – let at £500 pcm
Flat 2 (1 bed) – let at £425 pcm
Flat 3 (1 bed) – let at £450 pcm
Total Rent - £30,350 per annum


Tenant Profile – Ladbroke Betting & Gaming Ltd (who merged with Coral in 2016), are the largest bookmakers in the UK. In March 2018 it was acquired by GVC Holdings to create one of the World's largest sports betting and gaming groups. (Website addresses: www.ladbrokes.com and www.gvc-plc.com)
VAT
We are advised that VAT is not applicable.
EPC
Available upon request.
Legal Costs
Each party is to be responsible for their own legal costs that may be incurred in this transaction.
Anti Money Laundering
In accordance with Anti-Money Laundering Regulations, two forms of identity and confirmation of the source of funding will be required from the successful purchaser.