Entirely let to Co-Operative Group Limited until 2024, upward only rent review in April 2014
Prominent location in densely populated residential area
Includes first floor four room flat
Six Week Completion
Lot 33
Auction 17th October 2013
Rent £27,450 per Annum Exclusive
Status Sold
Price £390,000
Sector Supermarket/Convenience
Auction Venue The Millennium Hotel 44 Grosvenor Square Mayfair London W1K 2HP
Property Information
Location
Miles
7 miles east of Newcastle city centre
Roads
A19, A1, A1058
Rail
North Shields Metro
Air
Newcastle Airport
Situation
The property is located in a prominent corner position in a densely populated residential area at the junction of Cleveland Road and Hawkeys Lane B1304 – one of the main arterial routes into North Shields centre.
Tenure
Freehold.
Location
Miles
7 miles east of Newcastle city centre
Roads
A19, A1, A1058
Rail
North Shields Metro
Air
Newcastle Airport
Situation
The property is located in a prominent corner position in a densely populated residential area at the junction of Cleveland Road and Hawkeys Lane B1304 – one of the main arterial routes into North Shields centre.
Tenure
Freehold.
Description
The property comprises a ground floor convenience store and 4 room flat above with separate access.
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 convenience store and 4 room flat above with separate access.
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
Ground First
Retail Residential
178.50 sq m Not measured
(1,921 sq ft) Not measured
CO-OPERATIVE GROUP LIMITED (1)
25 years from 06/04/1999 until 05/04/2024
£27,450
06/04/2014 (2)
Totals
178.50 sq m
(1,921 sq ft)
£27,450
(1) Co-Operative Group Ltd operate from over 2,800 foodstores across the UK. (Source: www.co-operativefood.co.uk) For the year ending 31st December 2011, they reported a turnover of £12,318,000,000, pre-tax profits of £231,000,000 and a total net worth of £3,501,000,000. (Source: www.riskdisk.com 20/09/2013) (2) Notice has been served proposing a revised rent at £37,500 per annum.
