Acquired
Newcastle-under-Lyme – McColl’s
75/79 Oxford Road, Basford, Newcastle-under-Lyme ST5 0QBFreehold Shop and Residential Investment
Lease Term
10 Years
Years Left on Lease
11m
Area
3,960 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Comprising convenience store on the ground floor and two large flats on the first floor
- Commercial unit break clause in 2020 not exercised
- Flats refurbished in 2012. Residential tenants in occupation since 2012
- Roof on the rear of the property replaced in 2019
- The property is located in predominantly residential area, while Etruria Trading Estate is ½ mile away occupying tenants such as Pure Gym, Screwfix, Dreams, BSS, amongst others.
Key Features
VAT
VAT is not applicable.
Property Description
The property is arranged as a convenience store on the ground floor and two separately accessed flats on the first floor.
The property provides the following accommodation and dimensions:
Ground Floor: 179.00 sq m (1,926 sq ft)
First Floor: Flat No. 75A 134.00 sq m (1,442 sq ft)
First Floor: Flat No. 77 55.00 sq m (592 sq ft)
The property provides the following accommodation and dimensions:
Ground Floor: 179.00 sq m (1,926 sq ft)
First Floor: Flat No. 75A 134.00 sq m (1,442 sq ft)
First Floor: Flat No. 77 55.00 sq m (592 sq ft)
Tenancy Description
The ground floor convenience store is at present let to McColl’s for a term of 10 years from 1st November 2015 at a current rent of £16,500 per annum and the lease contains effectively full repairing and insuring covenants. The lease provides for rent review every fifth year. Break clause in 2020 not exercised. The first floor flat (No.75a) is at present let to an individual on AST for a term of 12 months (Holding Over) at a current rent of £5,220 per annum. The first floor flat (No.77) is at present let to an individual on AST for a term of 12 months (Holding Over) at a current rent of £4,920 per annum. The residential tenants have been in occupation since 2012.
Tenancies & Accommodation
Location Description
Newcastle-under-Lyme is a market town in Staffordshire, England with a population of 75,082. The town is served by the M6 motorway to the south and west of Newcastle and by the A500 road to the north and east. There are access points from the M6 at junctions 15 and 16, to the south and north respectively. The A34 trunk road runs through Newcastle from north to south and was the main road between Birmingham and Manchester until the M6 motorway opened. There is a large bus station in the town centre. The property is located in predominantly residential area, while Etruria Trading Estate is ½ mile away occupying tenants such as Pure Gym, Screwfix, Dreams, BSS , amongst others.
