Entirely let to B & M Retail Limited until November 2019
Approximately 15,385 sq ft (approx. £4 per sq ft overall)
Nearby occupiers include Greggs, Boots the Chemist, Holland & Barrett, Santander and HSBC
Popular Seaside Town
Lot 51
Auction 23rd October 2014
Rent £60,000 per Annum Exclusive
Status Sold
Price £645,000
Sector High Street Retail
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
9 miles north-east of Newcastle-upon-Tyne
16 miles north of Sunderland
Roads
A19, A1058
Rail
Whitley Bay Metro, Newcastle Central Rail Station
Air
Newcastle International Airport
Situation
The property is prominently located in the heart of the town centre, approximately 300 metres from Whitley Bay Metro Station. The property is situated on the north side of Whitley Road close to its junction with Oxford Street, Victoria Terrace and South Parade.
Nearby occupiers include Greggs, Boots the Chemist, Holland & Barrett, Santander and HSBC. The property is also located close to the Park View Shopping Centre where occupiers including Sainsbury’s, Boots, Iceland and Superdrug are represented.
Tenure
Freehold.
Location
Miles
9 miles north-east of Newcastle-upon-Tyne
16 miles north of Sunderland
Roads
A19, A1058
Rail
Whitley Bay Metro, Newcastle Central Rail Station
Air
Newcastle International Airport
Situation
The property is prominently located in the heart of the town centre, approximately 300 metres from Whitley Bay Metro Station. The property is situated on the north side of Whitley Road close to its junction with Oxford Street, Victoria Terrace and South Parade.
Nearby occupiers include Greggs, Boots the Chemist, Holland & Barrett, Santander and HSBC. The property is also located close to the Park View Shopping Centre where occupiers including Sainsbury’s, Boots, Iceland and Superdrug are represented.
Tenure
Freehold.
Description
The property comprises a substantial retail unit on the ground floor with ancillary accommodation on the first and second floor. The property benefits from a significant frontage to Whitley Road and rear service access from York Road.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a substantial retail unit on the ground floor with ancillary accommodation on the first and second floor. The property benefits from a significant frontage to Whitley Road and rear service access from York Road.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground First Second
Retail Ancillary Ancillary
731.58 sq m 615.92 sq m 81.75 sq m
(7,875 sq ft) (6,630 sq ft) (880 sq ft)
B & M RETAIL LIMITED (1)
10 years from 11/11/2009 until 2019 on a full repairing and insuring lease (2)
£60,000 (3)
Fixed Rental Increase 11/11/2014 (3)
Totals
1,429.25 sq m
(15,385 sq ft)
£60,000 (3)
(1) For the year ending 31/12/2012, B & M Retail Limited reported a turnover of £935,229,000, pre-tax profits of £88,323,000 and a total net worth of £171,867,000. (Source: www.riskdisk.com 29/08/2014). B & M Stores trades from over 380 stores and employs over 17,000 staff across the UK. (Source: www.bmstores.co.uk 29/08/2014). (2)The lease is subject to a photographic schedule of condition. (3)The current rent reserved under the terms of the lease is £50,000 p.a.x. The lease provides for a fixed rental increase to £60,000 p.a.x on 11th November 2014. Therefore, on completion of the sale the property will produce £60,000 p.a.x.
