Majority let to National Westminster Bank plc until 2062
Busy town centre location adjacent to South Shields Open Market
Prominent corner position some 250 metres from South Shields Metro Station
Nearby occupiers include Lloyds TSB, Greggs, Curry's Digital and Wilkinson
Six Week Completion Period Available
Lot 66
Auction 18th October 2011
Rent £39,000 per Annum Exclusive
Status Withdrawn Post
Price
Sector High Street Retail
Auction Venue Millennium Hotel 44 Grosvenor Square 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 in a prominent corner location at the junction of Chapter Row and Market Place adjacent to South Shields Open Market and some 30 metres from King Street, South Shields' prime pedestrianised retail thoroughfare. Nearby occupiers include Lloyds TSB, Greggs, Curry's Digital and Wilkinson.
Tenure
Long Leasehold. Held from South Tyneside Council for a term of 127 years from 19th April 2011 expiring 31st August 2137 at a rent of £700 per annum exclusive, rising to £3,750 per annum exclusive in 2062
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 in a prominent corner location at the junction of Chapter Row and Market Place adjacent to South Shields Open Market and some 30 metres from King Street, South Shields' prime pedestrianised retail thoroughfare. Nearby occupiers include Lloyds TSB, Greggs, Curry's Digital and Wilkinson.
Tenure
Long Leasehold. Held from South Tyneside Council for a term of 127 years from 19th April 2011 expiring 31st August 2137 at a rent of £700 per annum exclusive, rising to £3,750 per annum exclusive in 2062
Description
The property comprises three ground floor retail units with four self-contained office suites on the first and second floors, accessed via Chapter Row. The property also benefits from rear access via East Street.
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 three ground floor retail units with four self-contained office suites on the first and second floors, accessed via Chapter Row. The property also benefits from rear access via East Street.
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
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
2 Market Place 3 Market Place
Ground Ground
Retail Retail
115.54 sq m 75.02 sq m
(1,243 sq ft) (807 sq ft)
NATIONAL WESTMINSTER BANK PLC (1) (2)
97 years from 25/12/1965 until 28/08/2062
£26,800
25/12/2021 and 25/12/2042
24 Chapter Row
Ground
Retail
48.36 sq m
(520 sq ft)
INDIVIDUALS (t/a Head Masters) (3)
5 years from 20/06/2008 until 19/06/2013
£8,800 (4)
20/06/2012
Suite 1
First
Office
151.05 sq m
(1,626 sq ft)
GMB TRADE UNION (5)
5 years from 03/07/2008 until 03/07/2013
£5,000 (6)
03/07/2011
Suite 2
First
Office
60.29 sq m
(649 sq ft)
VACANT POSSESSION
Suite 3
Second
Office
147.06 sq m
(1,583 sq ft)
VACANT POSSESSION
Suite 4
Second
Office
57.87 sq m
(623 sq ft)
VACANT POSSESSION
Totals
655.19 sq m
(7,051 sq ft)
£40,600
(1) National Westminster Bank plc is a member of the Royal Bank of Scotland Group, one of the world's largest financial services groups which has 40 million customers using the financial services of over 30 brands (Source: www.rbs.com 04/08/2011) around the world. (2) The tenant has sublet their demise. (3) The tenant has been in occupation of the unit for in excess of 8 years. (4) The lease provides for the rent to be increased to £8,900 p.a.x. on 20th June 2012. (5) GMB is a campaigning trade union with almost 610,000 members working in every part of the economy (Source: www.gmb.org.uk 4/8/2011). (6) The rental income of £5,000 includes a £1,000 service charge.
