1 - 3 (all) Market Place and 2 - 6 (even) Stockwell Street Leek Cheshire ST13 5HH

1 - 3 (all) Market Place and 2 - 6 (even) Stockwell Street
Leek
Cheshire
ST13 5HH

Prominent Town Centre Office and Public House Investment

  • Let to Staffordshire Moorlands District Council and Legacy Bars (Leek) Limited
  • Leases expire March 2030 and September 2049 (No breaks)
  • Minimum Rental Increases in both leases
  • Approximately 6,499 sq ft
  • Nearby occupiers include Edinburgh Woollen Mill, Costa, Boots the Chemist, New Look, WHSmith and Specsavers
  • Excellent location in Staffordshire market town
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot
    100
  • Auction
    13th October 2016
  • Rent
    £65,763 per Annum Exclusive
  • Status
    Withdrawn Prior
  • Price
     
  • Sector
    Public House
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Squafre
    London W1H 7BG
  • On behalf of Receivers CBRE
Important Update
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

Prominent Town Centre Office and Public House Investment

  • Let to Staffordshire Moorlands District Council and Legacy Bars (Leek) Limited
  • Leases expire March 2030 and September 2049 (No breaks)
  • Minimum Rental Increases in both leases
  • Approximately 6,499 sq ft
  • Nearby occupiers include Edinburgh Woollen Mill, Costa, Boots the Chemist, New Look, WHSmith and Specsavers
  • Excellent location in Staffordshire market town
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot 100
  • Auction 13th October 2016
  • Rent
  • Status Withdrawn Prior
  • Price  
  • Sector
    Public House
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Squafre
    London W1H 7BG
  • On behalf of Receivers CBRE

Property Information

Location
Miles
10 miles north-east of Stoke-on-Trent, 28 miles north-west of Derby
Roads
A53, A523
Air
East Midlands Airport
Situation

The property occupies a prominent corner location fronting bothMarket Place and Stockwell Street, in the heart of Leek town centre. Nearby occupiers include Edinburgh Woollen Mill, Boots the Chemist, New Look, WHSmith, Specsavers and branches of Natwest and Halifax banks. Both Market Place Car Park and Silk Street car parks are located nearby, providing car parking for approximately 60 and 66 cars respectively.

Tenure

Long Leasehold. Held for 150 years from 30th March 2005 (circa 138 years unexpired) from Staffordshire Moorlands District Council at a peppercorn rent.

Location
Miles
10 miles north-east of Stoke-on-Trent, 28 miles north-west of Derby
Roads
A53, A523
Air
East Midlands Airport
Situation

The property occupies a prominent corner location fronting bothMarket Place and Stockwell Street, in the heart of Leek town centre. Nearby occupiers include Edinburgh Woollen Mill, Boots the Chemist, New Look, WHSmith, Specsavers and branches of Natwest and Halifax banks. Both Market Place Car Park and Silk Street car parks are located nearby, providing car parking for approximately 60 and 66 cars respectively.

Tenure

Long Leasehold. Held for 150 years from 30th March 2005 (circa 138 years unexpired) from Staffordshire Moorlands District Council at a peppercorn rent.

Description

The property comprises two units. 1 Market Place (t/a Leek Times) comprises a ground floor showroom/offices, with further office accommodation at first and second floors. 2-3 Market Place comprises a ground floor public house (t/a The Engine Room) with ancillary accommodation at first and second floors.

VAT

VAT is applicable to this lot.

Note

This property is being marketed for sale on behalf of Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Fixed Charge Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises two units. 1 Market Place (t/a Leek Times) comprises a ground floor showroom/offices, with further office accommodation at first and second floors. 2-3 Market Place comprises a ground floor public house (t/a The Engine Room) with ancillary accommodation at first and second floors.

VAT

VAT is applicable to this lot.

Note

This property is being marketed for sale on behalf of Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Fixed Charge Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit Floor Use Floor Areas (Approx) Tenant Term Rent p.a.x Reviews
1
Market Pace
Ground
First/Second
Showroom/Offices
Offices
50.63 sq m
96.43 sq m
(545 sq ft)
(1,038 sq ft)
STAFFORDSHIRE
MOORLANDS
DISTRICT
COUNCIL (1)
25 years from
30/03/2005
until
29/03/2030
£20,763.87 30/03/2017 and annually thereafter (2)
2-3
Market Place
Ground/First
Second (5)
Public House/Ancillary
Ancillary
456.71 sq m
-
(4,916 sq ft)
(-)
LEGACY BARS
(LEEK) LIMITED
with T. PUGH
ESQ. ACTING AS
GUARANTOR (3)
t/a Engine Room
Public House
35 years from
10/09/2014
until
09/09/2049
£45,000 rising to a minimum
of £50,913 in 2019 and rising to a minimum of £94,392 by 2044
10/09/2019 and five
yearly thereafter
(4)
Totals    
603.76 sq m
(6,499 sq ft)
    £65,763.87  

1) This unit has been sublet to Local World Limited (t/a Leek Post Times).
(2) The rent is reviewed annually to the higher of the Compound Rent based upon 3% per annum or RPI.
(3) A 3 month rent deposit is held by the Vendor. Also, T. Pugh Esq. acts as a Guarantor to the lease but with liability capped at 3 months rent.
(4) The rent is reviewed 5 yearly to a minimum of OMV or 13.1% rental uplifts over 5 years.
(5) Please note that there is no staircase access from first floor to the second floor of the pub, only a ceiling hatch.

Property Documents

  • Catalogue Page
    Updated Date
    21.09.16
    File Size
    777 KB
    View PDF
  • Site Plan
    Updated Date
    21.09.16
    File Size
    90 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
Seller's Solicitors
Addleshaw Goddard LLP West One, , Wellington Street
Leeds
LS1 1BA
Richard Bellamy richard.bellamy@shoosmiths.co.uk

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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