Unit 3 Barracks Road, Newcastle under Lyme, Staffordshire, ST5 1AW
A Freehold Purpose Built Retail Investment Opportunity
Under offer
Features
- Prominent location fronting Barracks Road, which forms part of the ring road
- 3,037 sq. ft. (282.14 sq m)
- Brand new 15 year lease to Smash on Trent (T/A Patty's) expiring 29/06/2037
- Passing rent - £45,000 increasing to £55,000 by 2032
- Offers based on £550,000 plus representing net initial yield of 7.80%, with a reversionary yield of 9.53%
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.