2-18 Princes Street & 13 Mount Street Stafford Staffordshire ST16 2BZ

2-18 Princes Street & 13 Mount Street
Stafford
Staffordshire
ST16 2BZ

Freehold Retail/Office Island Site Investment

  • Tenants trading as Farmfoods, Walmsley Furnishings, Scope, La Patisserie and Cash Generator
  • Comprises 9 retail units with self-contained office accommodation above
  • Prominent retail position in pedestrianised town centre location
  • Adjacent to Gaolgate Place and some 150 metres from the Guildhall Shopping Centre
  • Nearby occupiers include The Stafford Department Store, Argos, New Look, Sainsbury's, Wilkinsons and Dorothy Perkins
  • 6 Week Completion Period Available
  • Lot
    16
  • Auction
    26th May 2011
  • Rent
    £285,866 per Annum Exclusive
  • Status
    Sold
  • Price
    £1,560,000
  • Sector
    High Street Retail
  • Auction Venue
    Millennium Hotel
    39-44 Grosvenor Square
    London W1K 2HP
  • On Instructions from Stockland
Important Update
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* More information on the term "guide" can be found here

Freehold Retail/Office Island Site Investment

  • Tenants trading as Farmfoods, Walmsley Furnishings, Scope, La Patisserie and Cash Generator
  • Comprises 9 retail units with self-contained office accommodation above
  • Prominent retail position in pedestrianised town centre location
  • Adjacent to Gaolgate Place and some 150 metres from the Guildhall Shopping Centre
  • Nearby occupiers include The Stafford Department Store, Argos, New Look, Sainsbury's, Wilkinsons and Dorothy Perkins
  • 6 Week Completion Period Available
  • Lot 16
  • Auction 26th May 2011
  • Rent
  • Status Sold
  • Price £1,560,000
  • Sector
    High Street Retail
  • Auction Venue
    Millennium Hotel
    39-44 Grosvenor Square
    London W1K 2HP
  • On Instructions from Stockland

Property Information

Location
Miles
17.6 miles south of Stoke-on-Trent, 27.7 miles north of Birmingham, 49 miles west of Nottingham
Roads
A34, A518, M6 (Junction 14)
Rail
Stafford Railway Station
Air
Birmingham International Airport
Situation

The property, a substantial island site, is situated on the pedestrianised Princes Street which runs parallel to Gaolgate Street, Stafford's prime pedestrianised retail thoroughfare. Nearby occupiers include The Stafford Department Store, Argos, New Look, Sainsbury's, Wilkinsons and Dorothy Perkins. A public car park for approximately 55 cars is located directly to the rear of the property.

Tenure

Freehold.

Location
Miles
17.6 miles south of Stoke-on-Trent, 27.7 miles north of Birmingham, 49 miles west of Nottingham
Roads
A34, A518, M6 (Junction 14)
Rail
Stafford Railway Station
Air
Birmingham International Airport
Situation

The property, a substantial island site, is situated on the pedestrianised Princes Street which runs parallel to Gaolgate Street, Stafford's prime pedestrianised retail thoroughfare. Nearby occupiers include The Stafford Department Store, Argos, New Look, Sainsbury's, Wilkinsons and Dorothy Perkins. A public car park for approximately 55 cars is located directly to the rear of the property.

Tenure

Freehold.

Description

The property comprises eight ground floor retail units, one of which has been sub-divided, the majority of which benefit from ancillary accommodation on the first floor. The rest of the first floor and the entire second floor comprises self-contained office accommodation accessed from Mount Street. The office accommodation benefits from passenger lift access, suspended ceilings, central heating and perimeter trunking.

VAT

VAT is applicable to this lot.

EPC

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

Description

The property comprises eight ground floor retail units, one of which has been sub-divided, the majority of which benefit from ancillary accommodation on the first floor. The rest of the first floor and the entire second floor comprises self-contained office accommodation accessed from Mount Street. The office accommodation benefits from passenger lift access, suspended ceilings, central heating and perimeter trunking.

VAT

VAT is applicable to this lot.

EPC

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

Tenancy & Accommodation

Floor Use Floor Areas (Approx) Tenant Term Rent p.a.x Reviews
2-4 Princes St – Ground
First
Retail
Storage

223.56 sq m
243.52 sq m

(2,406 sq ft)
(2,621 sq ft)
UNIBROOK LIMITED
(t/a Walmsley Furnishings) (1)
5 years from 24/05/2009 (2) £60,000 (3)
6 Princes St – Ground
Mezzanine
First
Retail Ancillary Storage
89.31 sq m
24.50 sq m
127.93 sq m
(961 sq ft)
(264 sq ft)
(1,377 sq ft)
K ARROWSMITH & G HOLLAND (t/a The Bap Shop) 15 years from 08/04/2004 £33,500 (4) 08/04/2009 &
08/04/2014
8 Princes Street – Ground
First
Retail
Storage
96.69 sq m
118.22 sq m
(1,041 sq ft)
(1,273 sq ft)
D HOAR & A HOAR
(t/a Play & Party)
15 years from 01/06/2005 (5) £32,500 (6) 06/2010 & 06/2015
10 Princes Street – Ground
First
Retail
Storage
84.52 sq m
116.82 sq m
(910 sq ft)
(1,257 sq ft)
SCOPE (7) 5 years from 16/12/2009 (8) £12,000  
12 Princes Street – Ground
First
Retail
Storage
460.34 sq m
373.40 sq m
(4,955 sq ft)
(4,019 sq ft)
COATS PROPERTY MANAGEMENT LTD
(sublet to Farmfoods & Card Sense) (9) (10)
25 years from 25/03/1987 £92,500  
14 Princes Street – Ground
First
Retail
Storage
85.58 sq m
123.20 sq m
(921 sq ft)
(1,326 sq ft)
GINGER RIDGE LIMITED
(t/a Cash Generator)
10 years from 04/06/2010 (11) £25,000 (12) 04/06/2015
16 Princes Street – Ground
First
Retail
Storage
95.05 sq m
125.40 sq m
(1,023 sq ft)
(1,350 sq ft)
LA PATISSERIE LTD 25 years from 25/06/1987 £30,000  
18 Princes Street – Ground Retail
145.96 sq m
(1,571 sq ft)
NEW LEASE UNDER NEGOTIATION (13)
FULL VACANT POSESSION
     
1-3 Mount Street – First Office
140.65 sq m
(1,514 sq ft)
FULL VACANT POSESSION      
1-3 Mount Street – Second Office
828.67 sq m
(8,920 sq ft)
FULL VACANT POSESSION      
Substation MIDLANDS ELECTRICITY PLC 25 years from 07/10/1998 £366.30 07/10/2013 & 5 Yearly (14)
Totals

3,503.32 sq m

(37,709 sq ft)
£285,866.30

(1) For the year ending 30th April 2010, Unibrook Limited reported a turnover of £25,774,000, pre-tax profits of £106,000 and a net worth of £499,000. (Source: www.riskdisk.com 18/4/2011)
(2) The tenant benefits from a rolling option to determine on providing 6 months' prior written notice.
(3) The tenant is currently paying a rent of £45,000 p.a. The rent will be increased to £50,000 from 24th May 2011, to £55,000 from 24th May 2012 and to £60,000 from 24th May 2013 until the next rent review. The seller has agreed to adjust the completion monies so that the property will effectively produce £60,000 p.a. from completion of the sale.
(4) The tenant is currently benefiting from a rent concession and is paying £27,000 p.a. which will expire on 8th April 2014, at which point the rent will increase to a minimum of £33,500 p.a. The seller has agreed to adjust the completion monies so that the property will effectively produce £33,500 p.a. from completion of the sale.
(5) The tenant benefits from an option to determine on 1st June 2015 on providing 6 months' prior written notice.
(6) The tenant is benefiting from a rent concession and is paying £28,000 which will expire on 1st June 2015, at which point the rent will increase to a minimum of £32,500 p.a. The seller has agreed to adjust the completion monies so that the property will effectively produce £32,500 from completion of the sale.
(7) For the year ending 31st March 2010, Scope reported a turnover of £101,614,000, pre-tax profits of £6,686,000 and a net worth of £27,236,000. (Source: www.riskdisk.com 18/4/2011)
(8) The landlord and the tenant benefit from a rolling option to determine on providing 3 months' prior written notice.
(9) Coats Property Management Ltd is a subsidiary of Coats Holdings Ltd, who for the year ending 31st December 2009 reported a turnover of £67,000, pre-tax profits of £43,878,000 and a net worth of £1,107,564,000. (Source: www.riskdisk.com)
(10) The tenant has sub-let part of the property to Farmfoods Ltd and part fo Amaline Ltd, t/a Card Sense. For further information, please refer to the legal documents.
(11) The tenant benefits from an option to determine on 4th June 2015 on providing 6 months' prior written notice.
(12) The tenant is currently paying a rent of £21,000. Under the terms of the lease, the rent will be increased to £22,000 from 4th June 2011, to £23,000 from 4th June 2012, to £24,000 from 4th June 2013 and to £25,000 from 4th June 2014. The sellar has agreed to adjust the completion monies so that the property will effectively produce £25,000 p.a from completion of the sale.
(13) A new lease with a national retailer is currently under negotiation. For further information, please refer to the Auctioneers.
(14) The rent is reviewed in line with the Retail Price Index.

Property Documents

  • Site Plan
    Updated Date
    23.09.15
    File Size
    81 KB
    View PDF
  • Catalogue Page
    Updated Date
    23.09.15
    File Size
    1 MB
    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
Richard AuteracRichard Auterac +44 (0)20 7034 4851 +44 (0)7836 742 833richard.auterac@acuitus.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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