54 Ironmarket, Newcastle Under Lyme, Staffordshire, ST5

Investment Consideration:
Gross Initial Yield: 7.20%
Rental Income: £18,000 p.a.
VAT is applicable to this property
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.

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

Tenancy:
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.

Location:
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. The property is located in the town centre with occupiers nearby including Halifax, Cafe Nero, Ryman Stationery and New Look, amongst other retailers.