Entirely let to British Heart Foundation until 2024 (no breaks)
Located within busy Newcastle upon Tyne suburb, 1 mile east of city centre
Nearby occupiers include Morrisons, Wilko, Barclays Bank, Greggs and JD Wetherspoon
Lot 102
Auction 18th October 2018
Rent £56,000 per Annum Exclusive
Status Sold
Price £500,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
1 mile east of Newcastle city centre
Roads
A167(M), A1, A193
Rail
Newcastle Central, Manors Railway Station, Byker Metro
Air
Newcastle Airport
Situation
The property is prominently located 1 mile east of Newcastle city centre, on the northern side of the busy Shields Road (B1312) next to a large Morrisons supermarket. Other nearby occupiers include Wilko, Barclays Bank, Greggs and JD Wetherspoon.
Tenure
Freehold.
Location
Miles
1 mile east of Newcastle city centre
Roads
A167(M), A1, A193
Rail
Newcastle Central, Manors Railway Station, Byker Metro
Air
Newcastle Airport
Situation
The property is prominently located 1 mile east of Newcastle city centre, on the northern side of the busy Shields Road (B1312) next to a large Morrisons supermarket. Other nearby occupiers include Wilko, Barclays Bank, Greggs and JD Wetherspoon.
Tenure
Freehold.
Description
The property comprises ground floor retail accommodation and first floor ancillary accommodation.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises ground floor retail accommodation and first floor ancillary accommodation.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
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 First
Retail Ancillary
565.02 sq m 382.19 sq m
(6,082 sq ft) (4114 sq ft)
BRITISH HEART FOUNDATION (1)
15 years from 17/04/2009 on a full repairing and insuring lease (2)
£56,000
17/04/2024
Total
947.21 sq m
(10,196 sq ft)
£56,000
(1) Founded in 1961, British Heart Foundation is a registered charity that funds over £100 million of research each year into all heart and circulatory diseases. They have over 500 charity shops and over 170 Furniture and Electrical stores on high streets throughout the UK (Source: www.bhf.org.uk 22/8/2018). (2) The 17/04/2019 option to determine the lease and the 17/04/2019 rent review have been removed.
