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Status Withdrawn Prior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.