A mid terrace property of brick elevations and pitched roof coverings. The building is set within a row of residential and commercial properties leading into Burslem towards the top of Waterloo Road. This asset is being sold as an income producing investment with a current gross yield of 10.2% and with a rental increase of £444 pa by August 2025, giving a revised yield of 10.7%. The property briefly comprises a ground floor commercial unit with sales area, storeroom, rear office, kitchen and WC. The ground floor has a new gas boiler, central heating, suspended ceiling and a glazed frontage to Waterloo Road. The flat briefly comprises a staircase from the rear entrance off the garden, lounge, kitchen, bathroom and two double bedrooms. The flat benefits from gas central heating, double glazed windows and a long standing tenant who has been in occupation for almost five years.
Location
The property features prominently on Waterloo Road close to Swan Square and an array of shops and pubs. Burslem is located 7 miles from junction 16 of the M6 motorway and about 1 mile from the Burslem junction of the A500.
Accommodation
Ground Floor Retail: Sales area: 305 sq ft Storeroom: 20 sq ft Office: 126 sq ft Kitchen: 49 sq ft WC -- Total NIA: 500 sq ft
First Floor Flat Ground floor lobby: 42 sq ft Lounge: 141 sq ft Kitchen: 67 sq ft WC: 12 sq ft Bathroom: 50 sq ft Bedroom 1: 138 sq ft Bedroom 2: 84 sq ft Total GIA: 534 sq ft Overall NIA: 1,034 sq ft
Terms
Available freehold, subject to contract and with the benefit of the existing IRI lease and AST agreement.
Specification
SERVICES
All main services are connected. No services have been tested by the agents. All commercial and residential elements have their own separate meters and boilers.
VAT
The sales price is not subject to VAT
COUNCIL TAX
The residential tenant isresponsible for payment of any council tax where applicable.
TENANCY DETAILS
The ground floor is let to a commercial tenant at £4,800pa (from August 2024) for 3 years from 01/08/23. Flat 46a (2 bed) is let to a private individual at £453pcm who has been in occupation for over 4 years. Combined income for the property at present is £10,236pa with potential for higher future rent with yearly rent increases scheduled for the commercial and 6 monthly for the residential.
ANTI MONEY LAUNDERING REGULATIONS
In accordance with the anti-money laundering regulations, two forms of identification will be required (e.g. photographic driving license, passport, utility bill) from the applicant and a credit check may also be required, the cost of which will be the responsibility of the applicant. Where appropriate we will also need to see proof of funds.