Property Auctions 19/May/2016 | 31-33 King Street, South Shields, Tyne & Wear, NE33 1DA

Freehold Retail and Commercial Investment

Majority let to tenant trading as O2
Very close to South Shields Metro Station
Pedestrianised trading location
Nearby occupiers include McDonald’s, Caffè Nero, Boots the Chemist and Poundworld
Approximately 4,394 sq ft (including 2,414 sq ft of self-contained vacant upper parts)
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 92
Auction 19th May 2016
Rent £62,100 per Annum Exclusive
Status Sold Post
Price
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 11 miles east of Newcastle and Gateshead, 8 miles north of Sunderland
Roads: A1, A194(M)
Rail: South Shields Metro Station (direct link to Gateshead, Sunderland, Newcastle and Newcastle Airport)
Air: Newcastle International Airport

Situation

The property occupies a prominent position on the southern side of the pedestrianised King Street, close to its junction with Russell Street, in the heart of the town centre. The property is less than 100ft from South Shields Metro Station, which provides a direct link to Gateshead, Sunderland, Newcastle and Newcastle Airport. Nearby occupiers include Greggs, McDonald's, Boots the Chemist, JD Sports, Poundworld, and branches of NatWest and Barclays banks.
South Shields is currently undergoing a £100m regeneration scheme of the town centre. The 365 Master Scheme includes regeneration of Market Place, which is located at the western end of King Street, and will connect the new development at Barrington Street to the prime retail pitch. The plan also includes a new transport interchange on Keppel Street, parallel to King Street. Further information can be found at www.southshields365progress.com.

Tenure

Freehold.

Location

Miles: 11 miles east of Newcastle and Gateshead, 8 miles north of Sunderland
Roads: A1, A194(M)
Rail: South Shields Metro Station (direct link to Gateshead, Sunderland, Newcastle and Newcastle Airport)
Air: Newcastle International Airport

Situation

The property occupies a prominent position on the southern side of the pedestrianised King Street, close to its junction with Russell Street, in the heart of the town centre. The property is less than 100ft from South Shields Metro Station, which provides a direct link to Gateshead, Sunderland, Newcastle and Newcastle Airport. Nearby occupiers include Greggs, McDonald's, Boots the Chemist, JD Sports, Poundworld, and branches of NatWest and Barclays banks.
South Shields is currently undergoing a £100m regeneration scheme of the town centre. The 365 Master Scheme includes regeneration of Market Place, which is located at the western end of King Street, and will connect the new development at Barrington Street to the prime retail pitch. The plan also includes a new transport interchange on Keppel Street, parallel to King Street. Further information can be found at www.southshields365progress.com.

Tenure

Freehold.

Description

The property comprises a ground floor retail unit (fronting King Street) and ground floor café (fronting Smithy Street), with a tattoo studio on part first floor and self-contained office accommodation on part first and second floors.

Six Week Completion

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 a ground floor retail unit (fronting King Street) and ground floor café (fronting Smithy Street), with a tattoo studio on part first floor and self-contained office accommodation on part first and second floors.

Six Week Completion

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	Review/(Reversion)
Ground	Retail/Ancillary	100.15 sq m	(1,078 sq ft)	TELENOMICS RETAIL LIMITED (1) (t/a O2)	10 years from 16/04/2007	£45,000	(15/04/2017)
Ground	Café	54.46 sq m	(586 sq ft)	C.S.E. KEARNEY (2) (t/a The Smithy Café)	15 years from 30/07/2010	£15,000	30/07/2020 (29/07/2025)
Part First	Tattoo Studio	29.30 sq m	(250 sq ft)	H.E. PATTINSON & K. DENNIS (t/a The Tattoo Studio)	10 years from 16/04/2007	£2,100	(15/04/2017)
Part First	Office	103.67 sq m	(1,116 sq ft)	VACANT
Second	Office	120.64 sq m	(1,298 sq ft)	VACANT
Totals		408.22 sq m	(4,394 sq ft)			£62,100

(1) Telenomics Retail Limited are a leading O2 franchise partner with 16 branches in the UK, including shops in Tottenham Court Road, Wandsworth, Brixton and Woolwich in London (Source: www.telenomics.co.uk 20/04/2016). For the year ending 31st March 2015, Telenomics Retail Limited reported a turnover of £36,109,682 and pre-tax profits of £1,663,460 (Source: Experian Group 19/04/2016).
(2) A rent deposit of £3,000 is held by the vendor.