2-4 High Street East Wallsend Newcastle upon Tyne NE28 8PQ

2-4 High Street East
Wallsend
Newcastle upon Tyne
NE28 8PQ

Freehold Retail Investment

Let to Heron Foods Ltd on a new 15 year lease (10 year option to renew)
Heron Foods Ltd was incorporated in 1978 and has reported profits for the last 26 years
Guaranteed rental increases with Rent Reviews linked to Consumer Price Index (CPI) (subject to a minimum of 1% and a maximum of 3%)
Neighbouring occupiers include Nationwide Building Society, Boots the Chemist, KFC and Barclays Bank

Lot
22
Auction
5th December 2013
Rent
£45,000 per Annum Exclusive
Status
Sold
Price
£532,000
Auction Venue
Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On behalf of Heron Foods Ltd

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Freehold Retail Investment

Let to Heron Foods Ltd on a new 15 year lease (10 year option to renew)
Heron Foods Ltd was incorporated in 1978 and has reported profits for the last 26 years
Guaranteed rental increases with Rent Reviews linked to Consumer Price Index (CPI) (subject to a minimum of 1% and a maximum of 3%)
Neighbouring occupiers include Nationwide Building Society, Boots the Chemist, KFC and Barclays Bank

Lot 22
Auction 5th December 2013
Rent £45,000 per Annum Exclusive
Status Sold
Price £532,000
Sector
High Street Retail
Auction Venue
Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On behalf of Heron Foods Ltd

Property Information

Location

Miles: 4 miles east of Newcastle upon Tyne; 35 miles north of Middlesbrough
Roads: A1058, A19
Rail: Wallsend Metro, Newcastle Central Station
Air: Newcastle International Airport, Durham Tees Valley Airport

Situation

The property is prominently situated at the crossroads of High Street East and Station Road in the heart of the town centre. Neighbouring occupiers include Nationwide Building Society, Boots the Chemist, KFC and Barclays Bank.

Tenure

Freehold.

Location

Miles: 4 miles east of Newcastle upon Tyne; 35 miles north of Middlesbrough
Roads: A1058, A19
Rail: Wallsend Metro, Newcastle Central Station
Air: Newcastle International Airport, Durham Tees Valley Airport

Situation

Tenure

Freehold.

Description

The property comprises a ground floor retail unit with ancillary accommodation on the first floor.

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 ground floor retail unit with ancillary accommodation on the first floor.

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	Reviews
Ground First	Retail Ancillary	496.90 sq m 439.20 sq m	(5,349 sq ft) (4,727 sq ft)	HERON FOODS LTD (1)	15 years from completion on a full repairing and insuring lease with a 10 year option to renew	£45,000	2019, 2024 Rental increases by CPI (subject to minimum of 1% and a maximum of 3%) 5 yearly compounded
Totals		936.10 sq m	(10,076 sq ft)			£45,000

(1) Heron Foods Ltd was incorporated in 1978 and operates from some 235 outlets nationally. Heron Foods Ltd has reported annual profits for the last 26 years. For the year ending 31st December 2011, Heron Foods Limited reported a turnover of £164,877,489, pre-tax profits of £8,104,117 and a total net worth of £30,030,205. (Source: www.riskdisk.com 28th October 2013)