Council-let Retail/Office Investment with separately let Bar/Nightclub
Part let to Staffordshire Moorlands District Council
Council lease expires March 2030 (no breaks) with annual rental uplifts at a minimum to 3% pa or RPI
Recent planning permission granted for 9 apartments (see "Planning")
Bar/Nightclub let until March 2033 (no breaks)
Two buildings approximately 6,499 sq ft
Nearby occupiers include Costa, Boots the Chemist, WHSmith and Specsavers
Lot 36
Auction 31st March 2022
Rent £48,094 per Annum Exclusive
Status Sold
Price £360,000
Sector High Street Retail
Auction Venue Live Streamed Auction
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 both Market Place and Stockwell Street, in the heart of Leek town centre. Nearby occupiers include Boots the Chemist, 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 137 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 both Market Place and Stockwell Street, in the heart of Leek town centre. Nearby occupiers include Boots the Chemist, 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 137 years unexpired) from Staffordshire Moorlands District Council at a peppercorn rent.
Description
The property comprises two buildings. 1 Market Place comprises a ground floor shop, with office accommodation at first and second floors. 2-3 Market Place comprises a ground floor bar/nightclub with ancillary accommodation at first and second floors.
VAT
VAT is applicable to this lot.
Planning
Planning Permission was granted on 08/04/2021 for 1-3 Market Place for the "change of use of part ground floor only to flexible use of retail and/or cafe/restaurant and/or public house/wine bar/drinking establishment together with 9 apartments (part ground floor and upper floors) and external alterations". For more Info: www.staffsmoorlands.gov.uk t: 0345 605 3010 Application no: SMD/2021/0035
Completion Period
6 Week Completion
EPC
Band D (Bar).
Band E (Council Offices).
Description
The property comprises two buildings. 1 Market Place comprises a ground floor shop, with office accommodation at first and second floors. 2-3 Market Place comprises a ground floor bar/nightclub with ancillary accommodation at first and second floors.
VAT
VAT is applicable to this lot.
Planning
Planning Permission was granted on 08/04/2021 for 1-3 Market Place for the "change of use of part ground floor only to flexible use of retail and/or cafe/restaurant and/or public house/wine bar/drinking establishment together with 9 apartments (part ground floor and upper floors) and external alterations". For more Info: www.staffsmoorlands.gov.uk t: 0345 605 3010 Application no: SMD/2021/0035
Completion Period
6 Week Completion
EPC
Band D (Bar).
Band E (Council Offices).
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
1 Market Place
Ground First/Second
Retail Offices
50.63 sq m 96.43 sq m
(545 sq ft) (1,038 sq ft)
STAFFORDSHIRE MOORLANDS DISTRICT COUCIL (1)
25 years from 30/03/2005 until 29/03/2030
£23,094
30/03/2022 and annually thereafter (2)
2-3 Market Place
Ground/First Second (3)
Nightclub/Bar Ancillary
456.71 sq m -
(4,916 sq ft) (-)
DISCO BAR LEEK LIMITED with personal guarantee (4) t/a Society Bar/3D Leek
15 years from 21/03/2018 until 20/03/2033
£25,000 (5)
21/03/2023 and five yearly thereafter
Total
603.76 sq m
(6,499 sq ft)
£48,094
(1) The tenant is not in occupation and sublets the ground floor to a tenant trading as ASPECTS Care Services. Part of the upper floors have also been sub-let. (2) The rent is reviewed annually to the higher of the Compound Rent based upon 3% per annum or RPI. (3) Please note that there is no staircase access from first floor to the second floor of the pub, only a ceiling hatch. (4) The personal guarantee is limited to 3 months’ rent of £6,250 + VAT. (5) A three month rent deposit of £6,250 + VAT is held by the Vendor.
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
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