Leisure/hospitality for sale

City Centre Building with potential conversion to 13 apartments
Potential Investment Income £96,000 per annum
For Sale By Auction at 6.30pm on Monday 20th January 2025
at the Double Tree By Hilton Hotel, Festival Park, Stoke on Trent, ST1 5BQ
Contact the Auction Team to Register: Or

Description

The property is a 4 storey building (including roof terrace ) which has been most recently used as a Sheesha Lounge and Bar / Club. The property has been vacant since Covid.

Location

The property is located fronting Brunswick Street, in the Cultural Quarter of Stoke-on-Trent city centre (Hanley). Close to Portofinos Italian Restaurant and the Sugar Mill.

Planning & Supporting Information.

The current owner has prepared a full set of plans for conversion of the whole building into 13 Apartments and has an e-mail from the Planning Department confirming that that in principle this change of use would be acceptable. Full details are in the Info Pack.

Notwithstanding the above, it is important that prospective purchasers ensure they have inspected the property and rely upon their own enquiries, assessments and due diligence with regards to current and potential uses for the property.

Potential Rental Income

Based on 12 x one bed apartments and 1 x 2 bed apartment and a monthly rent in the range £550 - £700 pcm the estimated annual rent is in the order of £96,000 per annum. See the Info Pack for further details.

Business Rates

The Valuation List currently has the property listed as follows:
- Basement & Ground Floor - Storage & Premises - Rateable Value: £2,800
- Crystal Lounge - Club & Premises - removed from the Rating List
For further information see;

Tenure.

Freehold with vacant possession upon completion.

Vat

All prices quoted by Butters John Bee are exclusive of VAT unless otherwise stated. All interested parties should make their own enquiries to satisfy themselves with the VAT position.

Pre-Auction Offers.

Any pre-Auction offers should be submitted via e-mail to . All offers will be forwarded to the client for consideration, but please be aware that the majority of clients prefer to let the marketing run for a period, prior to giving serious consideration to accepting any pre-Auction offer.

Common Auction Conditions.

This property is sold subject to our Common Auction Conditions (a copy is available on request).

Buyers Admin Fee.

A buyers administration fee of £1,800 including VAT is applicable to this lot. The purchaser will pay the fee whether the property is bought before, at or following the auction date.

Legal Pack.

Purchasing a property at auction is a firm commitment that carries the same legal implications as a signed contract by private treaty. It is important that you consult with your legal adviser before bidding and also your accountant regarding the impact of VAT, if applicable, on the sale price. The legal pack can be viewed online via our website . Legal packs can also be viewed at the selling office. These documents should be passed to your legal adviser as they will help you make an informed decision about the lot. If you need further legal information please contact the vendor's solicitor whose details will be in the auction catalogue. Remember that you buy subject to all documentation and terms of contract whether or not you have read them.

Addendum.

Check the latest addendum at for any alterations or changes to the catalogue.

Internet, Telephone And Proxy Bidding

We are pleased to announce that we are now back in the Auction room at the Double Tree Hilton Hotel (Moat House). However, we also have the other bidding options available: On-Line / Telephone / By-Proxy. You will need to register in advance and provide two forms of id. Register at or contact the Auction Team on or .

Legal Costs

Please refer to the auction pack in respect of any legal fees or search fees which may be due upon exchange or completion.

Deposit

Please note that a deposit of 10% of the purchase price (Min £3,000) will be due on Exchange of Contracts, whether the land / property is sold prior to Auction, in the Auction room or after the Auction.

Viewings

By Appointment with the bjb Land & New Homes Team

All Enquiries

Paul G. Beardmore BSc mrics
Land & New Homes Team

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