A two storey mixed commercial and residential investment occupying a prominent position in Cheadle town centre. The current income is £25,440 per annum from all areas. Each flat is self contained and accessible from the rear of the property where there is a yard. Potential for further development/expansion (STPP).

Description:

A two storey property of brick construction under a pitched clay tile roof occupying a prominent position on Cheadle High Street. The property consists of two commercial areas on the ground floor that are both occupied; 74 High Street is let to a mini market and 74B High Street let to a nail studio. Both ground floor areas are accessible from the front. To the rear is a courtyard which provides access to a ground floor 1 bed flat (No.1) and an external staircase leading to flats 2 and 3. No.2 is 1 bedroom whereas No.3 is a bedsit.

The premises are fully let yielding a rental income of £25,440 pa; a schedule of tenancies can be seen under paragraph 'Tenure'.

We are advised that a previous application was submitted for the construction of a dwelling at the rear of the property with access over the adjoining car park as part of a joint scheme between the two owners. The scheme halted however the area in question may suit development or an extension to the current building (STPP).

Location:

The property is situated in the centre of Cheadle on High Street. There is on street car parking to the front of the property and Cheadle's main pay and display car park is a short walk away. Nearby retailers include Boots, and B&M.

Accommodation:

GROUND FLOOR
No.74
Front Retail Area: 367 Sq ft (34.09 Sq m)
WC
Lower Ground Floor Staff: 68 Sq ft (6.32 Sq m)
Lower Ground Floor Store: 165 Sq ft (15.33 Sq m)
NIA: 600 Sq ft (55.74 Sq m)

No 74B:
Nail Salon: 164 Sq ft (15.2 Sq m)
Office: 57 Sq ft (5.3 Sq m)
WC
NIA: 239 Sq ft (22.2 Sq m)

FIRST FLOOR
Flat 1: Bedsit
Flat 2: 1 Bedroom
Flat 3: 1 Bedroom
Estimated floor area: 1,000 Sq ft (92.9 Sq m)

TOTAL NIA (Estimated): 1,855 Sq ft (172.33 Sq m)

Rating:

74 High Street
The VOA website advises the rateable value for 2023/24 is £5,500.

74B High Street
The VOA website advises the rateable value for 2023/24 is £3,050.

The standard non-domestic business rates multiplier is 51.2p. The small business multiplier is 49.9p up to a rateable value of £50,999. Small Business may benefit for upto100% on premises with a rateable value of up to £12,000 and a tapered relief for rateable values between £12,000 and £15,000.

Bjb recommends interested parties make their own enquiries into the business rate payable any further business rate relief which may be available.

Tenure:

Freehold subject to the following Tenancies:

74 High Street
A six year lease from 01/06/24, ending 31/05/30. Rent £7,200 pa

74B High Street
A three year lease from 29/8/21, ending on 31/8/24. Rent £2,400 pa

Flats:
Flat 1 74 High Street - Tenancy from 26th May 2023 until 25th May 2024. Rent £300 pcm
Flat 2 74 High Street - Tenancy from 15th December 2023 until 14th December 2024. Rent £495 pcm
Flat 3, 74 High Street - Tenancy from 4th January 2024 until 3rd January 2025. Rent £525 pcm

Viewing:

Strictly by appointment via bjb commercial, Suite 1, Albion House, No.2 Etruria Office Village, Forge Lane, Festival Park, Stoke-on-Trent, ST1 5RQ
Telephone 01782 212201. Opening hours are 9.00-5.30pm, Monday to Friday.

Butters John Bee Estate Agents also offer a professional, ARLA accredited Lettings and Management Service. If you are considering purchasing your property in order to rent, are looking at buy to let or would like a free review of your current portfolio then please call the Lettings Branch Manager on the number shown above.

Butters John Bee Estate Agents is the seller's agent for this property. Your conveyancer is legally responsible for ensuring any purchase agreement fully protects your position. We make detailed enquiries of the seller to ensure the information provided is as accurate as possible. Please inform us if you become aware of any information being inaccurate.