31-33 King Street South Shields Tyne & Wear NE33 1DA

31-33 King Street
South Shields
Tyne & Wear
NE33 1DA

Freehold Retail and Commercial Investment

  • Majority let to tenant trading as O2
  • Very close to South Shields Metro Station
  • Pedestrianised trading location
  • Nearby occupiers include McDonald’s, Caffè Nero, Boots the Chemist and Poundworld
  • Approximately 4,394 sq ft (including 2,414 sq ft of self-contained vacant upper parts)
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot
    92
  • Auction
    19th May 2016
  • Rent
    £62,100 per Annum Exclusive
  • Status
    Sold Post
  • Price
     
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
Important Update
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

Freehold Retail and Commercial Investment

  • Majority let to tenant trading as O2
  • Very close to South Shields Metro Station
  • Pedestrianised trading location
  • Nearby occupiers include McDonald’s, Caffè Nero, Boots the Chemist and Poundworld
  • Approximately 4,394 sq ft (including 2,414 sq ft of self-contained vacant upper parts)
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot 92
  • Auction 19th May 2016
  • Rent
  • Status Sold Post
  • 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 the pedestrianised King Street, close to its junction with Russell Street, in the heart of the town centre. The property is less than 100ft from South Shields Metro Station, which provides a direct link to Gateshead, Sunderland, Newcastle and Newcastle Airport. Nearby occupiers include Greggs, McDonald's, Boots the Chemist, JD Sports, Poundworld, and branches of NatWest and Barclays banks.
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, 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 the pedestrianised King Street, close to its junction with Russell Street, in the heart of the town centre. The property is less than 100ft from South Shields Metro Station, which provides a direct link to Gateshead, Sunderland, Newcastle and Newcastle Airport. Nearby occupiers include Greggs, McDonald's, Boots the Chemist, JD Sports, Poundworld, and branches of NatWest and Barclays banks.
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, 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 ground floor retail unit (fronting King Street) and ground floor café (fronting Smithy Street), with a tattoo studio on part first floor and self-contained office accommodation on part first and second floors.

Six Week Completion

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 ground floor retail unit (fronting King Street) and ground floor café (fronting Smithy Street), with a tattoo studio on part first floor and self-contained office accommodation on part first and second floors.

Six Week Completion

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/(Reversion)
Ground Retail/Ancillary
100.15 sq m
(1,078 sq ft)
TELENOMICS
RETAIL LIMITED (1)
(t/a O2)
10 years from
16/04/2007
£45,000 (15/04/2017)
Ground Café
54.46 sq m
(586 sq ft)
C.S.E. KEARNEY (2)
(t/a The Smithy
Café)
15 years from
30/07/2010
£15,000 30/07/2020
(29/07/2025)
Part First Tattoo Studio
29.30 sq m
(250 sq ft)
H.E. PATTINSON &
K. DENNIS (t/a The
Tattoo Studio)
10 years from
16/04/2007
£2,100 (15/04/2017)
Part First Office
103.67 sq m
(1,116 sq ft)
VACANT      
Second Office
120.64 sq m
(1,298 sq ft)
VACANT      
Totals  
408.22 sq m
(4,394 sq ft)
    £62,100

(1) Telenomics Retail Limited are a leading O2 franchise partner with 16 branches in the UK, including shops in Tottenham Court Road, Wandsworth, Brixton and Woolwich in London (Source: www.telenomics.co.uk 20/04/2016). For the year ending 31st March 2015, Telenomics Retail Limited reported a turnover of £36,109,682 and pre-tax profits of £1,663,460 (Source: Experian Group 19/04/2016).
(2) A rent deposit of £3,000 is held by the vendor.

Property Documents

  • Site Plan
    Updated Date
    27.04.16
    File Size
    465 KB
    View PDF
  • Catalogue Page
    Updated Date
    27.04.16
    File Size
    589 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
Seller's Solicitors
DWF LLP Great North House, Sandyford Road
Newcastle-upon-Tyne
NE1 8ND
Adam Heather 01912 339 707adam.heather@dwf.law

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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