Acquired
Newcastle-under-Lyme – Restaurant
54 Ironmarket, Newcastle-under-Lyme, Staffordshire ST5 1PEFreehold Restaurant Investment
Tenure
Freehold
Lease Term
15 Years
Years Left on Lease
13y 1m
Area
2,151 SQ FT
VAT Applicable
Yes
Sector
Investment Consideration
- Comprises ground floor restaurant with ancillary accommodation at first and second floor
- Let until 2038. No breaks. Rent reviews every 5 years, open market upward only
- Occupiers nearby including Rolex, Halifax, Cafe Nero, Ryman Stationery and more.
Key Features
Tenure
Freehold
VAT
VAT is Applicable
Property Description
The property comprises ground floor restaurant with ancillary accommodation at first and second floor, providing the following accommodation and dimensions:
Ground Floor: Restaurant 104.98 sq m (1,130 sq ft)
First Floor: Ancillary 44.90 sq m (483 sq ft)
Second Floor: Ancillary 50.00 sq m (538 sq ft)
Total area size: 199.88 sq m (2,151 sq ft)
Future residential development potential. Planning approved for conversion and extension of first and second floor to 3 x bed flats. Planning Ref. - 22/00778/FUL
Ground Floor: Restaurant 104.98 sq m (1,130 sq ft)
First Floor: Ancillary 44.90 sq m (483 sq ft)
Second Floor: Ancillary 50.00 sq m (538 sq ft)
Total area size: 199.88 sq m (2,151 sq ft)
Future residential development potential. Planning approved for conversion and extension of first and second floor to 3 x bed flats. Planning Ref. - 22/00778/FUL
Tenancy Description
The property is at present let to an Individual for a term of 15 Years from 2nd February 2023 at a current rent of £18,000 p.a. and the lease contains full repairing and insuring covenants. No breaks. Rent reviews every 5 years, open market upward only. Deposit held of £4,500. Lease within Landlord & Tenant Act 1954.
Tenancies & Accommodation
Location Description
Newcastle-under-Lyme is a market town and the administrative centre of the Borough of Newcastle-under-Lyme in Staffordshire, England. 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 the town centre with occupiers nearby including Halifax, Cafe Nero, Ryman Stationery and New Look, amongst other retailers.