SITUATION
The subject property is located within central Wallsend within the town centre and fronts directly onto High Street East, the principle High Street in the town. Wallsend is a suburb of Newcastle upon Tyne, with Newcastle City Centre being around 4 miles to the west and is closely located to transport facilities in the form of bus and metro services linking the greater north east area. High Street East sees an annual average daily flow of 13,621 vehicles.
DESCRIPTION
The property consists of a block of mixed-use space containing of 4 commercial (retail) units as well as 4 self-contained 1 bed flats. The property is two stories and faces onto High Street East, with access to the residential and loading facilities to the rear just off Woodbine Avenue & Laburnum Avenue.
The building is of brick construction with a pitched slate roof and has been under the same ownership since 1907. In 2019 part of the first floor was converted into the 4 x 1 bed apartments which have been tenanted ever since, with two commercial tenants longstanding within the building on renewal leases.
ACCOMODATION
| 19 High Street East (Cash Converters) | ||
| Ground Floor Retail | 1,434 ft2 | |
| First Floor Ancillary | 990 ft2 | |
| Second Floor/Attic | 365 ft2 |
| 21/23 High Street East (Moore Funeral Services) |
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| Ground Floor Retail | 1,191 ft2 | |
| First Floor Ancillary | 790 ft2 |
| First Floor Ancillary 790 ft2 25 High Street East (Vacant) |
||
| Ground Floor Retail | 1,041 ft2 | |
| Rear Yard | 312 ft2 |
| 31 High Street East (DC Hair Studios) | ||
| Ground Floor Retail | 1,131 ft2 |
| Flats 1-4 Eltringham House, Rear of 25 – 29 High Street East (First Floor) | Not Measured |
TENANCY SHEDULE
| Demise | Tenant | Annual Rent |
Term | Expiry | Repair | Review & Break |
| 19 High Street East | Daemma Trading Limited T/A Cash Converters |
£13,000 pax | 5 Year Renewal Lease |
14.2.26 | eFRI via Ad Hoc Service Charge |
N/A |
| 21/23 High Street East | Moore Funeral Services Limited |
£14,000 pax | 5 Year Renewal Lease |
6.7.27 | eFRI via Ad Hoc Service Charge |
N/A |
| 25 High Street East | Vacant | £14,500 Estimated Market Rent |
| 31 High Street East | DC Hair Studios T/A The Philanthropist |
£12,000 pax | 10 Years | 1.11.29 | eFRI via Ad Hoc Service Charge |
Review – OMUO review 1.11.24Break Option – 1.11.24 (Notice Period has Lapsed) |
| Flat 1 (1 Bed) | Private Individual | £6,900 pa | 12 Month AST |
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| Flat 2 (1 Bed) | Private Individual | £6,900 pa | 12 Month AST |
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| Flat 3 (1 Bed) | Private Individual | £6,900 pa | 12 Month AST |
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| Flat 4 (1 Bed) | Private Individual | £6,900 pa | 12 Month AST |
| Total Passing Rent | £66,600 pa |
| Estimated Rent with Last Void Let | £81,100 pa |
SERVICE CHARGE
The commercial aspect is serviced via an ad-hoc service charge based on proportionate floor areas. There have been no charges in recent years.
VAT
The property is not elected for VAT.
ENERGY PERFORMANCE CERTIFICATES
Available upon request.
COSTS
Each party is to be responsible for their own legal and professional costs incurred with this transaction.
PROPOSAL
We are instructed to seek offers in the region of £825,000 reflecting a blended yield of 9.25% and assuming usual purchasers’ costs of 5.53 %.
VIEWING
For enquiries, viewing, and general information, please contact:
Pete Townsend
E: pete@atretail.co.uk
M: 07713 151 970
Oliver Sunderland
E: Oliver@atretail.co.uk
M: 07943 836 058
Rent: £45,000
Town/City: Alnwick
Attractive historic Northumberland market town
Close to popular tourist attractions Alnwick Castle and Garden
Most prominent unit in the town centre with significant frontage
Suitable for a variety of uses, subject to consent
Ground floor NIA 131.90 sqm (1,420 sqft)
Nearby occupies include Newcastle Building Society, Card Factory, Yorkshire Trading Co, Trespass, Greggs alongside a number of established local retailers.
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