Busy town centre location adjacent to South Shields Open Market
Prominent corner position some 250 metres from South Shields Metro Station
Occupational Leases Outside the Security of Tenure Provisions of the Landlord and Tenant Act 1954
Nearby occupiers include Lloyds Bank, Heron Foods, Subway, Poundland and Bonnemarche
Lot 42
Auction 9th May 2024
Rent £26,167 per Annum
Status Available
Guide* £75,000
Sector High Street Retail
Auction Venue Live Streamed Auction
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 Bank, Heron Foods, Subway, Poundland and Bonnemarche.
Tenure
Long Leasehold. Held for a term of 126 years from 04/12/2014 expiring 30th August 2137 at a current ground rent of £200 per annum.
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 Bank, Heron Foods, Subway, Poundland and Bonnemarche.
Tenure
Long Leasehold. Held for a term of 126 years from 04/12/2014 expiring 30th August 2137 at a current ground rent of £200 per annum.
Description
The property comprises two adjoining ground floor shops.
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 two adjoining ground floor shops.
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 sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
2 Market Place Ground
Retail
106.20
(1,143)
INDIVIDUAL t/a Knit n Purl
A term of years expiring 17/04/2026
£14,167
3 Market Place Ground
Retail
69.96
(753)
INDIVIDUAL t/a Michaels Cafe
A term of years expiring 11/06/2028
£12,000
Total
175.89
(1,896) (1)
£26,167
(1) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk).
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
