17/19 & 21 Fore Street and 10/12 & 14 St Mary's Chare Hexham NE46 1LU

17/19 & 21 Fore Street and 10/12 & 14 St Mary's Chare
Hexham
NE46 1LU

Freehold Supermarket Investment & Development Opportunity

Entirely let to Iceland Foods Limited
Tenant in occupation since 2009
Re-based rent with recently extended lease
Approx. 9,049 sq ft
Change of Use/Development Potential with recent planning to split the shop units
Affluent and Historic Market Town

Lot
19
Auction
12th July 2022
Rent
£54,000 per Annum Exclusive
Status
Sold Post
Price
Auction Venue
Live Streamed Auction

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Freehold Supermarket Investment & Development Opportunity

Entirely let to Iceland Foods Limited
Tenant in occupation since 2009
Re-based rent with recently extended lease
Approx. 9,049 sq ft
Change of Use/Development Potential with recent planning to split the shop units
Affluent and Historic Market Town

Lot 19
Auction 12th July 2022
Rent £54,000 per Annum Exclusive
Status Sold Post
Price
Sector
Supermarket/Convenience
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 22 miles west of Newcastle-upon-Tyne, 30 miles east of Carlisle, 97 miles south east of Edinburgh
Roads: A1 (M), A68, A69
Rail: Hexham Train Station (Newcastle - 32 mins, Carlisle - 48 mins)
Air: Newcastle International Airport

Situation

Hexham is a picturesque and historic market town a few miles east of Hadrian's Wall, and 22 miles west of Newcastle-upon-Tyne. The town is a popular base for commuters from Newcastle and tourists visiting Northumberland and has a district population of approximately 60,000. The property is located in a prominent position on the west side of Fore Street, the primary retailing thoroughfare in Hexham. Nearby retailers include Greggs, Costa Coffee, Caffè Nero, WHSmith, White Stuff, Boots the Chemist and Superdrug.

Tenure

Freehold.

Location

Miles: 22 miles west of Newcastle-upon-Tyne, 30 miles east of Carlisle, 97 miles south east of Edinburgh
Roads: A1 (M), A68, A69
Rail: Hexham Train Station (Newcastle - 32 mins, Carlisle - 48 mins)
Air: Newcastle International Airport

Situation

Tenure

Freehold.

Description

The property comprises a three storey building arranged as sales accommodation on ground floor and ancillary accommodation on the first and second floors. The property benefits from having a significant retail frontage to Fore Street.

VAT

VAT is applicable to this lot.

Planning

Planning Permission was granted in January 2020 for proposed installation of new shop front to Fore Street; alterations to rear elevations to St Mary's Chare & internal alterations to subdivide the property into two retail units. Northumberland County Council t: 0345 600 6400 (www.northumberland.gov.uk) REF: 19/04327/FUL

EPC

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

Description

VAT

VAT is applicable to this lot.

Planning

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.
Ground First Second	Retail/Ancillary Ancillary Ancillary	413.05 356.84 70.79	(4,446) (3,841) (762)	ICELAND FOODS LIMITED (1)	1 year from 24/06/2022 with a mutual option to determine on 15/01/2023 or any date thereafter on a full repairing and insuring lease	£54,000
Total		840.68	(9,049)			£54,000

(1) For the year ending December 2021 , Iceland Foods Limited reported a turnover of £3,715,300,000, a pre-tax profit of £73,100,000 and a shareholders funds of £721,700,000 (Source: Experian Group 15/06/2022). Iceland Foods was founded in 1970 and now has over 900 stores throughout the UK.
(2) Elevated from the provisions of Sections 24-28 of the 1954 Landlord & Tenant Act

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.