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1-3a Princes Street Princes Street, Stockport, SK1 1SL

1-3a Princes Street - Picture 2
Use Class

Use Class

E

Rent pa

Rent pa

POA

For Sale on behalf of LPA Receivers. Freehold Retail High Street Investment/Development Opportunity.

The property comprises a two storey corner building of concrete frame construction with a mixture of brick and stone elevations beneath a flat built up felt roof extending to approximately 9,085 sq ft. The front elevation incorporates a glazed retail frontage at ground floor level with UPVC double glazed windows above.

The property is situated in a prominent trading location at the junction of Princes Street and Bridge Street in close proximity to the Merseyway Shopping Centre in the heart of Stockport Town Centre.

Accommodation

The ground floor houses two occupied retail units (1 and 1a Princes Street), while the first floor comprises predominantly vacant office accommodation (3 and 3a Princes Street). The first floor also provides additional occupied retail space and a further self-contained unit which is currently utilised as a tanning salon (2 Bridge Street).

Areas
Sq.Ft
Sq.M
Ground Floor
4,759
442.11
Total
9,123
847.52

Financial

Lease Term

The premises are currently held subject to a number of leasehold agreements as summarised below: Part Ground & First Floor (1/3a Princes Street) is let to Sleepmasters Limited t/a Bensons for Beds on a 15 year lease on effective FRI terms dated 30 September 2001. The rent passing is £55,000 per annum. Ground Floor (1A Princes Street) is let to Thomas Estates Ltd t/a Cashino Gaming for a term of 15 years from 18 July 2001 on effective FRI terms at a passing rent of £57,500 per annum. Thereafter the tenant will continue to occupy the property under the terms of a renewal lease dated 26 March 2012, which commences on 18 July 2016 and expires on 17 July 2026. The lease provides for 5 yearly upwards only rent reviews on 18 July 2016 and 18 July 2021. Part First Floor (2 Bridge Street) is let to David & Glynis White t/a Oasis Tanning Centre under a renewal lease dated 6 March 2012, which commenced on 25 December 2011 and expires on 24 December 2014. The lease is on effective FRI terms at a passing rent of £7,700 per annum. The lease contains tenant only break dates on 25 December 2013 and 5 June 2014 by giving at least 6 months’ notice.

Costs

Each party is responsible for their own legal and other professional costs incurred in the transaction.

Tenure

Freehold

Misrepresentation Notice

All the above information and descriptions (whether in the text, plans or photographs) are given in good faith but should not be relied upon as being a statement of representation or fact. Any areas, measurements or distances referred to are approximate only.

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This was last updated on 19/07/2019