18 Upper Market Square, Stoke-On-Trent ST1 1BS

Sold prior to the auction on 29 February 2024 for an undisclosed amount.
On behalf of Rory Mack - Stoke

A freehold investment opportunity located in the Centre of Hanley offered with a blue-chip tenant Halifax/Bank of Scotland who has been in occupation over 30 years. GIA 10,080 sq. ft. Rent Passing £125,000 per annum.

The property is arranged on basement, ground and three upper floors and is configured with a ground floor banking hall with the uppers utilised as office space. We understand the branch is a major hub for the bank and indications show its importance and footfall appears to have increased over the past few years.

The accommodation extends
Gross frontage 99 ft.
Net frontage 66 ft.
Shop depth 65 ft.
Basement 2,283 sq. ft.
Ground Floor 2,142 sq. ft.
First Floor 11875 sq. ft.
Second Floor 11875 sq. ft.
Third Floor 1,905 sq. ft.

Total: 10,080 sq. ft.

The property is held on a 35-year lease term to the Bank of Scotland PLC until 24th November 2028 with a current rent passing of £125,000 pa.

The building benefits from warm and cold air conditioning, gas central heating, suspending ceilings and an internal passenger lift.

The property is located in Hanley and centrally positioned within the main thoroughfare with Piccadilly Street, Tontine Street, Market Square and Parliament Square all close by. The Potteries Shopping centre and several car parks are within a short walk along with several bus stops.

The A500 dual carriageway connects to the remaining towns of Stoke on Trent and Newcastle under Lyme along with the M6 motorway and A50 dual carriageway. M6 Junction 15 is approximately 7 miles from the property and the A50, 5miles.

Note Prospective buyers are advised to make all necessary independent enquiries prior to placing their bid as this will be binding.

Tenure: Freehold

EPC Rating: C

Terms:
Auction Details:

The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Variable Fee (England and Wales).

Binding contracts of sale will be exchanged at the point of sale.

All sales are subject to SDL Property Auctions Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.

Auction Deposit and Fees:

The following deposits and non- refundable auctioneers fees apply:

• 5% deposit (subject to a minimum of £5,000)

• Buyers Fee of 4.8% of the purchase price for properties sold for up to £250,000, or 3.6% of the purchase price for properties sold for over £250,000 (in all cases, subject to a minimum of £6,000 inc. VAT). For worked examples please refer to the Auction Conduct Guide.

The Buyers Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.

There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.

Additional Information:

For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions home page.

This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack (and any applicable Home Report for residential Scottish properties).

Guide Price & Reserve Price:

Each property sold is subject to a Reserve Price. The Reserve Price will be within + or - 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.