Opposite South Shields Library and adjacent to town centre car park
Nearby occupiers include Gala Bingo, Post Office and Debenhams
Approximately 7,000 sq ft
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 88
Auction 19th May 2016
Rent £50,570 per Annum Exclusive
Status Sold Prior
Price
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
11 miles east of Newcastle and Gateshead, 8 miles north of Sunderland
Roads
A1, A194(M)
Rail
South Shields Metro Station (direct link to Gateshead, Sunderland, Newcastle and Newcastle Airport)
Air
Newcastle International Airport
Situation
The property occupies a prominent position on the southern side of Prince George Square, close to its junction with Fowler Street and a short distance from King Street, the main retail thoroughfare in the town. Nearby occupiers include Gala Bingo, South Shields Library, The Post Office and branches of Barclays and Halifax banks. The property benefits from being located adjacent to an 80 space public park.
South Shields is currently undergoing a £100m regeneration scheme of the town centre. The 365 Master Scheme includes regeneration of Market Place, which is located at the western end of King Street just a short distance away, and will connect the new development at Barrington Street to the prime retail pitch. The plan also includes a new transport interchange on Keppel Street, parallel to King Street. Further information can be found at www.southshields365progress.com.
Tenure
Freehold.
Location
Miles
11 miles east of Newcastle and Gateshead, 8 miles north of Sunderland
Roads
A1, A194(M)
Rail
South Shields Metro Station (direct link to Gateshead, Sunderland, Newcastle and Newcastle Airport)
Air
Newcastle International Airport
Situation
The property occupies a prominent position on the southern side of Prince George Square, close to its junction with Fowler Street and a short distance from King Street, the main retail thoroughfare in the town. Nearby occupiers include Gala Bingo, South Shields Library, The Post Office and branches of Barclays and Halifax banks. The property benefits from being located adjacent to an 80 space public park.
South Shields is currently undergoing a £100m regeneration scheme of the town centre. The 365 Master Scheme includes regeneration of Market Place, which is located at the western end of King Street just a short distance away, and will connect the new development at Barrington Street to the prime retail pitch. The plan also includes a new transport interchange on Keppel Street, parallel to King Street. Further information can be found at www.southshields365progress.com.
Tenure
Freehold.
Description
The property comprises a large ground floor retail unit, with servicing from the rear by way of a shared service yard.
Six Week Completion
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a large ground floor retail unit, with servicing from the rear by way of a shared service yard.
Six Week Completion
VAT
VAT is not 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
Reversion
Ground
Retail/Ancillary
650.32 sq m
(7,000 sq ft)
CARPETRIGHT PLC (1)
5 years from 29/09/2012 (by way of a reversionary lease) on a full repairing and insuring lease
£50,570
28/09/2017
Totals
650.32 sq m
(7,000 sq ft)
£50,570
(1) Carpetright Plc is a market leader in the UK floor coverings market, with an approximate market share of 26%, 460 stores and employing over 3000 staff (Source: www.carpetright.co.uk 19/04/2016). For the year ending 2nd May 2015, Carpetright Plc reported a turnover of £469,800,000, pre-tax profits of £6,600,000 and a total net worth of £3,400,000 (Source: Experian Group 19/04/2016).
