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Lot 3 Click here for addendum

Commercial/Residential Investment – Gross Yield 10%
6 Week Completion

Situation

Located within this fully occupied neighbourhood shopping parade which includes a Spar and several independent traders, all serving the surrounding residential area.
Stafford lies approx. 30 miles north of Birmingham city centre, 16 miles south of Stoke-on-Trent and 4 miles from the M6 (Junction 13).

Property

A mid terraced building comprising a Ground Floor Shop with separate rear access to a Self-Contained Flat on the first and second floors.
In addition, the property includes a Garage and benefits from use of a rear service road.
The shop interconnects with the adjoining unit (No. 136) which is not included with the Leasehold being offered.

Accommodation

Ground Floor Shop
Gross Frontage 17'7"
Internal Width 16'0"
Shop Depth 31'8"
Built Depth 37'11"
WC
First & Second Floor Flat
Believed to be 3 Rooms, Kitchen, Bathroom/WC¹

Plus Garage

¹Not inspected by Barnett Ross

VAT is NOT applicable to this Lot

Tenure

Leasehold for a term of 2000 years from 24th June 1989 at a peppercorn ground rent.

Tenancy

The entire property is let on a full repairing and insuring lease to Alliance Property Holdings Limited t/a a Morrisons Daily (see Tenant Profile) for a term of 10 years from 30th January 2018 at a current rent of £10,000 per annum exclusive.

Rent Review January 2023 (Outstanding)

Tenant Profile

In May 2022, Morrisons took over McColl's Retail Group when the business and assets were sold to Alliance Property Holdings Limited who are a part of Morrisons Group and McColl's largest supplier. The sale included 1,100 convenience stores across the UK.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

132/134 West Way & Garage No. 48, Highfields, Stafford, Staffordshire ST17 9YF