The property is prominently located at the junction of A53 and Eturia Road in the established prime retail warehousing location of Stoke on Trent. The property comprises a 15,035 sq.ft ‘bulky goods’ retail warehouse let on a 10 year lease from 1 March 2012 to SMS Furniture Ltd. The current rent is £100,000 per annum which reflects a low rent of £6.65 per sq.ft. There is an outstanding rent review with a minimum fixed increase of £116,000 per annum. Offers sought in excess of £1,180,000 which reflects a net initial yield of 8.0% and a minimum reversion to 9.28% on settlement of the outstanding review.
Franck Steier Price has recently completed the sale of a detached retail warehouse unit on Etruria Road in Hanley, Stoke on Trent.
Senate House occupied a prominent position opposite Octagon Retail Park. Nearby retailers included Next, B&Q, DFS, Wren Kitchens, Costa & Nandos. The unit dated from 1968 and sat on 0.62 acres.
The unit itself extended to 15,035 sqft and had been let to SMS Furniture.
The property was sold to a private client of Wood Advisory on a vacant possession basis for £1,000,000 which reflected an underlying capital value of £66.50 per sqft.