56 - 58 Ironmarket Newcastle-under-Lyme Staffordshire ST5 1PE

56 - 58 Ironmarket
Newcastle-under-Lyme
Staffordshire
ST5 1PE

Freehold Retail and Office Investment

Predominantly let to Loungers Limited until October 2030 (no breaks)
Part let to Meridian Business Support Limited – a recruitment agency (tenant in occupation since 2010)
Approximately 4,919 sq ft
Prominent position with Caffè Nero, Yates’s and Halifax Bank close by
Less than 100m from Roebuck Shopping Centre with retailers including Boots the Chemist, Iceland, Argos and Clarks
VAT-free investment

Lot
41
Auction
5th December 2018
Rent
£51,000 per Annum
Status
Sold Prior
Price
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Freehold Retail and Office Investment

Predominantly let to Loungers Limited until October 2030 (no breaks)
Part let to Meridian Business Support Limited – a recruitment agency (tenant in occupation since 2010)
Approximately 4,919 sq ft
Prominent position with Caffè Nero, Yates’s and Halifax Bank close by
Less than 100m from Roebuck Shopping Centre with retailers including Boots the Chemist, Iceland, Argos and Clarks
VAT-free investment

Lot 41
Auction 5th December 2018
Rent £51,000 per Annum
Status Sold Prior
Price
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 36 miles south of Manchester, 42 miles north of Birmingham
Roads: A34, A50, A53, M6
Rail: Stoke-on-Trent Railway Station
Air: Manchester Airport

Situation

The property is situated on the southern side of the pedestrianised Ironmarket, close to its junction with High Street, in the heart of the town centre. The Roebuck Shopping Centre is located less than 100 metres away, housing retailers including Boots the Chemist, Iceland, Argos and Clarks. Other nearby occupiers include Caffè Nero, Ryman and branches of Halifax and RBS banks.

Tenure

Freehold.

Location

Miles: 36 miles south of Manchester, 42 miles north of Birmingham
Roads: A34, A50, A53, M6
Rail: Stoke-on-Trent Railway Station
Air: Manchester Airport

Situation

Tenure

Freehold.

Description

The property comprises a substantial double-fronted restaurant and bar arranged on the ground and part first floors with separately accessed office accommodation on part first and second floors, accessed from the front.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Ground Part First	Restaurant/Bar Ancillary	253.25 sq m 84.40 sq m	(2,726 sq ft) (908 sq ft)	LOUNGERS LIMITED (1) t/a Capello Lounge	15 years from 26/10/2015 until 25/10/2030	£40,000	26/10/2020 26/10/2025
Part First Second	Offices Offices	61.30 sq m 58.20 sq m	(659 sq ft) (626 sq ft)	MERIDIAN BUSINESS SUPPORT LIMITED (2)	5 years from 31/10/2014 until 30/10/2019	£11,000	-
Total		439.15 sq m	(4,919 sq ft)			£51,000

(1) Loungers was founded in 2002 and operates from over 100 sites nationwide in locations including Bath, Exeter, Hove, Cardiff, Amersham, Lewes, Epsom and Christchurch. For the year ending 23rd April 2017, Loungers Limited reported a turnover of £91,752,588, pre-tax profits of £3,186,658 and a total net worth of £8,458,107 (Sources: www.thelounges.co.uk and Experian Group 06/11/2018).
(2) Meridian Business Support is a multi-sector employment agency, specialising in temporary, permanent and contract recruitment across four key sectors. They trade from over 40 locations in the UK, employing about 230 staff. For the year ending 31st December 2017, Meridian Business Support Limited reported a turnover of £84,090,659, pre-tax profits of £7,897 and a total net worth of £8,153,469 (Sources: www.meridianbs.co.uk and Experian Group 06/11/2018).