9-13 King Street South Shields Tyne & Wear NE33 1BT

9-13 King Street
South Shields
Tyne & Wear
NE33 1BT

Freehold Retail Investment

Entirely let on a 15 year lease until 2021
Two retail units trading as Greggs and Nobles Amusements, the only amusement arcade in the immediate area
Benefits from a rear retail frontage directly opposite the town’s major bus station
Prime pedestrianised retail location some 30 metres from South Shields Metro Station
Nearby occupiers include HMV, McDonald’s, Specsavers and Caffè Nero

Lot
27
Auction
21st October 2010
Rent
£99,500 per Annum Exclusive
Status
Withdrawn Post
Price
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
Mayfair
London W1K 2HP

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Freehold Retail Investment

Entirely let on a 15 year lease until 2021
Two retail units trading as Greggs and Nobles Amusements, the only amusement arcade in the immediate area
Benefits from a rear retail frontage directly opposite the town’s major bus station
Prime pedestrianised retail location some 30 metres from South Shields Metro Station
Nearby occupiers include HMV, McDonald’s, Specsavers and Caffè Nero

Lot 27
Auction 21st October 2010
Rent £99,500 per Annum Exclusive
Status Withdrawn Post
Price
Sector
Leisure
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
Mayfair
London W1K 2HP

Property Information

Location

Miles: 11 miles east of Newcastle and Gateshead, 8 miles north of Sunderland
Roads: A194(M), A19
Rail: South Shields Metro Station (direct link to Gateshead, Sunderland, Newcastle and Newcastle Airport)
Air: Newcastle International Airport

Situation

The property is situated on the south side of King Street, South Shields’ prime pedestrianised retail thoroughfare. The property benefits from excellent passing trade with South Shields Metro Station approximately 30 metres to the west while the property’s rear entrance, which fronts Smithy Street, is directly opposite the town’s bus station. Nearby occupiers include HMV, McDonald’s, Specsavers and Caffè Nero.

Tenure

Freehold.

Location

Miles: 11 miles east of Newcastle and Gateshead, 8 miles north of Sunderland
Roads: A194(M), A19
Rail: South Shields Metro Station (direct link to Gateshead, Sunderland, Newcastle and Newcastle Airport)
Air: Newcastle International Airport

Situation

Tenure

Freehold.

Description

The property comprises TWO RETAIL UNITS. Unit 9 comprises RETAIL ACCOMMODATION on ground floor only while Units 11-13 comprise RETAIL ACCOMMODATION on ground and first floor. The first floor extends across the adjoining Unit 9 and also to the rear through to Smithy Street providing further GROUND FLOOR RETAIL ACCOMMODATION, a mezzanine floor currently used as a CAFÉ and a first floor which is used as a TANNING SALON.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

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	Reviews
Unit 13 Ground (First) Ground (Rear) First Units 9/11 Ground	Retail Retail Cafe/Tanning Rooms Retail	157.66 sq m 99.22 sq m 226.31 sq m 108.30 sq m	(1,697 sq ft) (1,068 sq ft) (2,436 sq ft) (1,166 sq ft)	LUXURY LEISURE (t/a Nobles Amusements) (1)	15 years from 03/10/2006 until 02/10/2021 on a full repairing and insuring lease	£99,500	03/10/2011 and 03/10/2016
Totals		591.49 sq m	(6,367 sq ft)			£99,500

(1) Please note, the tenant has sub-let Units 9 and 11 to Greggs plc for a term of 10 years from 25th March 2005 at a current passing rent of £39,500 p.a.x. For the year ending 2nd January 2010, Greggs plc reported a turnover of £658,186,000, pre-tax profits of £48,779,000 and a net worth of £172,953,000. (Source: www.riskdisk.com 20/09/2010)