Rent: £120,000 - £120,000
Sale price: £925,000
Region: Tyne and Wear
Town/City: North Shields
The property was built in the late 1980’s as a second phase of the Beacon Shopping Centre along with adjoining property on Bedford St and Rudyerd St. The property was purpose built as a food store and the Cooperative Group have occupied the property since construction was completed.
The property is largely single storey steel frame construction with a two storey section fronting Bedford St and a shared service yard to the rear accessed on Rudyerd St.
The freehold interest was acquired by Co-operative Groupin 1995.
The premises provide the following areas and dimensions :-
|Gross Frontage||28.90m||94’ 09”|
|Internal Width (max)||28.40m||93” 02”|
|Internal Sales Width (min)||22.40m||73’ 06”|
|Sales Depth (existing)||36.10m||118’ 05”|
|Sales Depth (potentially)||78.65m||257’ 11”|
|Built depth||87.73m||287’ 09”|
|Ground Floor Sales||1,908.62m²||20,543 sq ft|
|Back of House Loading Bay and Stock (all GF)||444.55m²||4,785 sq ft|
|TOTAL GF AREA (GIA)||2,353.17m²||25,328 sq ft|
|First Floor Staff/Office/wc area (GIA)||183.53m²||1,976 sq ft|
All areas quoted are Gross Internal Areas. Areas above exclude the sublet properties on Railway Terrace
The property is held freehold and approximately half of the total sales area is occupied by the Co-op Group as a food supermarket. The rear section of the property was formerly used for food sales but has been partitioned off and is now unused. There is a full suite of staff accommodation incorporating kitchen staff canteen, office, training and wc facilities on the first floor. To the rear there is a storage/goods receiving area with tail dock loading into a communal service yard the use of which is subject to the payment of an annual service charge –
2018/19 – £2,332.72 including VAT.
There are two small ground floor lock-up shops situated on Railway Terrace and let to local individuals producing a current net income of £16,602 pa.
1 Railway Terrace, trading as Mister Woods Cafe is let to Mr Steven Smallwood on a full repairing and insuring basis and expires in Jan 2023 but is ex Act* and provides for mutual break exerciseable on 6 months notice – the current rent is £9,602pa and subject to annual RPI uplifts.
3 Railway Terrace is let to Mr Amandeep Baidwan on a similar basis as above (FRI) and trades as a Nail Bar – the lease expires 9th Nov 2021 and is ex Act* – incorporates mutual break exerciseable on 6 months notice – the rent is fixed at £7,000 pa.
We understand from the Valuation Office Website that the current rating assessments are as follows:-
|Vac Showroom||RV £ 32,500|
Interested parties are invited to verify the accuracy of the assessments above and the rates payable with the Local Authority Rates Department direct (North Tyneside – 0345 2000 101).
PRICE – TERMS
Our client’s preference is to sell the property with business goodwill and to TUPE all staff.
Alternatively the property is available for sale with vacant possession of all areas currently vacant and occupied by the Co-op and subject to the tenancies on Railway Terrace (currently producing £16,602pa).
Offers invited in excess of £925,000.
Alternatively our client may be prepared to let the whole of the premises (excluding those parts already let) for a term to be negotiated but on a FR&I basis subject to an initial rent of £120,000pa. Letting of part may also be considered – further details from the joint agents below.
The property has an Energy Efficiency Rating of D97. The certificate and report are available for inspection upon request.
By arrangement with the joint agents
BOB FLETCHER – @retail
M: 07733 529228
LLYR EMANUEL – Emanuel Oliver
Property type: Retail
Rateable value: £155,000
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