Freehold Retail Investment and Development Opportunity
Comprises two adjoining shops
Part let to New Look Retailers Limited on a new 5 year lease, subject to option, at re-based rent (previous rent £38,500 pax)
Adjoining large shop offered vacant (approx 5,949 sq ft)
Totalling approximately 12,353 sq ft
Prominent town centre corner location
Nearby occupiers include Asda Superstore, Iceland, Boots the Chemist, Superdrug, Card Factory, Greggs, Subway and JD Wetherspoon
Lot 43
Auction 2nd November 2023
Rent £25,000 per Annum Exclusive plus turnover rent (3) plus large vacant shop
Status Sold Prior
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
17 miles north of Newcastle, 21 miles north of Sunderland
Roads
A189, A192, A197, A1068, A1147
Rail
Pegswood Train Station
Air
Newcastle International Airport
Situation
The property is situated on the south side of Station Road, an established trading location, at it's junction with North Seaton Road in the heart of the town centre. Nearby occupiers include Asda Superstore, Iceland, Boots the Chemist, Superdrug, Card Factory, Greggs, Subway and JD Wetherspoon.
Tenure
Freehold.
Location
Miles
17 miles north of Newcastle, 21 miles north of Sunderland
Roads
A189, A192, A197, A1068, A1147
Rail
Pegswood Train Station
Air
Newcastle International Airport
Situation
The property is situated on the south side of Station Road, an established trading location, at it's junction with North Seaton Road in the heart of the town centre. Nearby occupiers include Asda Superstore, Iceland, Boots the Chemist, Superdrug, Card Factory, Greggs, Subway and JD Wetherspoon.
Tenure
Freehold.
Description
The property comprises two large shops, each arranged on the ground and first floors.
VAT
VAT is applicable to this lot.
Note
Please note the buyer will pay 1.5% excluding VAT of the purchase price towards the Vendor's costs in addition to the cost of the searches. Please see Special Conditions of Sale.
Completion Period
Six Week Completion
EPC
See Legal Pack
Description
The property comprises two large shops, each arranged on the ground and first floors.
VAT
VAT is applicable to this lot.
Note
Please note the buyer will pay 1.5% excluding VAT of the purchase price towards the Vendor's costs in addition to the cost of the searches. Please see Special Conditions of Sale.
Completion Period
Six Week Completion
EPC
See Legal Pack
Tenancy & Accommodation
Address
Floor
Use
Floor Areas Approx sq m (1)
Floor Areas Approx sq ft (1)
Tenant
Term
Rent p.a.x.
2 Station Road
Ground First
Retail/Ancillary Ancillary
331.61 221.10
(3,569) (2,380)
VACANT
-
-
4 Station Road
Ground First
Retail/Ancillary Ancillary
292.38 302.56
(3,147) (3,257)
NEW LOOK RETAILERS LIMITED (2) (t/a New Look)
5 years from October 2023
£25,000 (3) plus turnover rent
Total
1,147.65
(12,353)
£25,000 (3)
(1) Areas provided by VOA (www.gov.uk/find-business-rates) (2) New Look is a British global fashion retailer that has been established since 1969 and trades from over 400 high street shops across the UK (www.newlookgroup.com). (3) Under the terms of the lease, the tenant pays £25,000 p.a.x. plus 5% plus VAT of turnover rent, above a certain threshold (please see lease). The lease is subject to a tenant only option to determine on the 3rd anniversary of the term.
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.
