Unit 3 Barracks Road, Newcastle under Lyme, Staffordshire, ST5 1AW

Description

The subject property comprises a modern, purpose built unit extending to circa 3,037 sq. ft. (282.14 sq m)

Location

Newcastle-under-Lyme is located to the west of Stoke-on-Trent (in the county of Staffordshire). It is situated approximately 40 miles (64 km) south of Manchester and 44 miles (70.4 km) north of Birmingham. Newcastle-under-Lyme is located on the M6 corridor with good access to both Junctions 15 and 16; approximately 5.9 miles (9.4 km) and 7 miles (11.2 km) to the north and south respectively. This provides links to Birmingham in the south and Manchester in the north. Stoke-on-Trent train station is located on the west coast mainline providing frequent services to London Euston (1 hour 30 minutes), Manchester (40 minutes) and Birmingham (50 minutes). The station also provides local rail services to Stafford, Crewe and Derby. The property is situated in a prominent position on Barracks Road (A527) which forms part of the ring road around Newcastle under Lyme. The subject property is immediately to the east of the town centre. The town has an estimated shopping population of approximately 56,000 and a primary catchment estimated to be 138,000, which is significantly above the small town average. SITUATION - The property is situated in a prominent position on Barracks Road (A527) which forms part of the ring road around Newcastle under Lyme. The subject property is immediately to the east of the town centre. The town has an estimated shopping population of approximately 56,000 and a primary catchment estimated to be 138,000, which is significantly above the small town average.

Tenure

Freehold, subject to the existing tenancy.

Tenancy

The property is currently let to Smash on Trent (Staffordshire) Ltd for a term of 15 years from 30/06/2022, expiring 29/06/2037. The passing rent is stepped, starting at £45,000 pa, increasing to £50,000 pa from 30/06/2027 and £55,000 pa from 30/06/2032.

Patty's is a fast food restaurant and takeaway offering Burgers, Shakes and Desserts and is the tenants second outlet in the region.

Price

Offers in the region of £550,000 plus VAT are sought for the freehold interest. A purchase at this price would represent a net initial yield of 7.8%, (allowing for purchasers costs of 4.89%), with a revisionary yield of 8.67% in 2027 and 9.53% in 2032.

VAT

We are advised that VAT is payable, although it is anticipated that the transaction will be dealt with by way of a TOGC.

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.

Disclaimer

A Director of Bond Wolfe has a vested interest in this property.