29 Piccadilly, Stoke-on-Trent, ST1 1EN

1,375 sqft

£185,000 Offers in the region of

For Sale

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Description

The property is a well maintained two storey mid-terrace building which has been fully refurbished over recent years including new flooring, new shop frontage and re-wired. Furthermore, the tenant has transformed the premises into a restaurant & bar with ground floor customer area, 2 x WCs and storage. The first floor provides for a commercial kitchen, preparation area, storage and office.

The property is freehold and lease renewal completed on the following terms:
– Tenant: Blooms Bar Limited
– Renewal Lease dated 2nd February 2024, for a term of 4 years from 9th August 2024.
– Full repairing and inuring basis.
– Stepped rent of £13,500 until 9th August 2024, £14,000 pa until 8th August 2025 and £15,000 pa thereafter.
– Tenant option to determine 8th August 2026, subject to 6 months prior notice.
– Rent deposit held for the lease duration.

£185,000 plus VAT, representing a Net Initial Yield of 7.98% based upon the full rent, assuming purchaser’s costs of 1.61%.
The sale may be treated as a Transfer of Going Concern.