Mixed Use in Newcastle Under Lyme

Nelson Place, Newcastle Under Lyme, Staffordshire ST5 1EB
  • Lot No: 173
  • Property Type: Mixed Use
  • Contract Type: Unconditional with Variable Fee

Guide Price* £325,000+ plus fees

Property Description

A prominent and well positioned three storey building in the centre of Newcastle-under-Lyme. The property is fully let and consists of one large commercial entity and three apartments. The ground floor has been occupied by The Crossways since 2021, a specialist craft ale bar who were already well established in Hanley when they took occupation. The first floor consists of two x one bedroom apartments, with a further one bedroom apartment at second floor level. The building underwent a programme of refurbishment in 2021. All apartments benefit from electric wall mounted heaters, fully fitted kitchen, shower/bathroom and carpet throughout with access off Ryecroft via an intercom system to each apartment. The property occupies a prominent position overlooking Nelson Place roundabout which connects the major road network in Newcastle-under-Lyme. Newcastle town centre is undergoing a significant change and major investment with the redevelopment of the former library to create 36 apartments. Newcastle is located just off junction 15 of the M6 motorway and is around 2 miles from Stoke on Trent and Hanley. All main services are available. Electric heating to all flats which are separately metered. No services have been tested by the agents. VAT The sale price is not subject to VAT. TENURE Available freehold, with the benefit of the existing lease and AST. BUSINESS RATES Rateable Value: £15,500 The tenant is responsible for payment of any business rate liability where applicable. TENANCY DETAILS Ground floor is let to Bottlecraft Ltd at £15,000pa from 2nd November 2021 for 5 years. Flat 1 is let at £550pcm from 16/02/23 on a 12 month AST Flat 2 is let at £550pcm from 17/02/23 on a 12 month AST Flat 3 is let at £590pcm from 24/02/23 on a 12 month AST. Overall income is £35,280 pa representing a 7.8% gross yield on investment. ACCOMMODATION Ground Floor: Bar area: 1,458 sq. ft. Cellar/WC x 2 First Floor - Flat 1: Lounge/kitchen 186 sq. ft. Shower room 32 sq. ft. Bedroom 173 sq. ft. Total: 391 sq. ft. First Floor - Flat 2: Lounge/kitchen 172 sq. ft. Shower room 36 sq. ft. Bedroom 105 sq. ft. Total 313 sq. ft. Second Floor - Flat 3: Lounge 98 sq. ft. Kitchen 54 sq. ft. Bedroom 140 sq. ft. Shower room 21 sq. ft. Total 313 sq. ft. Total NIA: 2,475 sq. ft. Interested parties are advised to inspect the legal pack for more information.

Note

Please be advised that the auctioneers have not personally inspected the property. Prospective buyers are advised to make a viewing enquiry and any other necessary independent enquiries before placing their bid, as this will be binding.


Draft Sales Details

These sales details are awaiting vendor approval.


Tenure

Freehold

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 auctioneer’s fees apply:
  • 5% deposit (subject to a minimum of £5,000)
  • Buyer’s 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 Buyer’s 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.

Auction Details

Date 29th February 2024

Venue National Property Auction
The National Property Auction will be broadcast live on our website and open to remote bidding online, on the phone and by proxy. Registration for bidding will close at 5pm the day before the auction.

Lot Information

Contact Us

If you have any questions, call our team on 0800 046 5454

Map

Nelson Place, Newcastle Under Lyme, Staffordshire ST5 1EB