ADDRESSUnit 2, Garwood Street, South Shields, NE33 5AG
TYPEGeneral Industrial, Industrial
TENUREUnder Offer, For Sale Freehold
POSTED ON30th August 2020
MODERN INDUSTRIAL INVESTMENT
The property comprises a semi-detached warehouse of steel portal frame construction with insulated clad walls and roof incorporating intermittent roof lights.
The warehouse opens out onto an enclosed fenced yard with car parking. The property is used as a Soft Play venue.
The Property is let for a term of 10 years from 21st July 2016 to Hanif Business Solutions Limited (CRN 09864517 -Creditsafe Rating 80A 'Very Low Risk') The rent is £36,000per annum and the property is held on an FRI lease subject to a rent review and break clause on the fifth anniversary on giving no less than 6 months' notice.
We consider the rent to be reversionary and estimate the ERV to be £39,500 per annum.
The property is located in the heart of South Shields on Garwood Street which adjoins Reed Street/Smith Street. Smith Street leads into Temple Town adjacent to the Port of Tyne's Tyne Dock Estate providing immediate access to Newcastle Road (A194).
Road links are therefore excellent as the A194 leads directly to the A1 and A19 both north and south. The property is also close to Chichester Tyne and Wear Metro Station and Rekendyke Industrial Estate.