Sale price: £190,000
Region: Tyne and Wear
Town/City: Byker, Newcastle upon Tyne
DESCRIPTION / SITUATION
The premises comprise of two adjacent retail units contained in a 2 story brick terrace unit with retail on both ground floors, known as 215 and 217 Shields Road. The first floor is voided off and as such has potential to add value through re-gearing leaves & conversion, with both ground floors let to local businesses on terms below. The property is situated in a prominent position towards the top end of Shields Road opposite the Metro Station, with Greggs and Max Speilmann in the same parade, and Iceland, Edinburgh Cycles and Hopkirk Bikes opposite. Loading is available via the rear lane.
The accommodation provides the following approximate areas:
|215 Shields Road|
|Ground Floor Sales||567 sqft||52.65 sqm|
|217 Shields Road|
|Ground Floor Sales||563 sqft||52.31 sqm|
|Ancillary Store||16 sqft||1.50 sqm|
Neither first floors were inspected for measurement due to being voided off.
The property is freehold and subject only to the occupational leases as follows;
215 Shields Road: Let to Mr Saydul Hussain t/a Double Taste Indian Takeaway on a 15 year unbroken FRI lease until 4th March 2028. The lease has an additional personal guarantee and is passing off £10,000 pax, with an OMUO rent review in 2023.
217 Shields Road: Let to Mr Michael Wilson t/a Carpet Discount Centre Ltd on a 10 year FRI term until 25th June 2026. There is a break option and OMUO rent review in June 2021. The current rent is £7,800 pax.
Combined annual rent is: £17,800 per annum exclusive.
Freehold offers are invited in excess of £190,000 subject to contract.
According to the Valuation Office website the property is assessed for rating purposes as follows:-
|215 Rateable Value||£11,500|
|217 Rateable Value||£9,500|
The Small Business Rate multiplier for 2019/20 is 49.1p
Each party to be responsible for their own legal costs incurred in connection with any transaction.
ENERGY PERFORMANCE CERTIFICATE
The properties have an Energy Performance Certificate of the following:
215: E 104
A copy of the certificates are available upon request.
All figures quoted in these terms are exclusive of VAT where chargeable.
Strictly by appointment:
0191 280 4239
Property type: Retail
Planning use: A1 & A5
Download property details document
Get in touch with our local expert consultants to start a discussion about your requirements.
© Copyright 2020
Site delivered by Cargo Creative