Gross Initial Yield: 7.02%
Rental Income: £16,500 p.a.
VAT is applicable to this property
Comprising a ground floor retail unit with separate office to the rear and ancillary accommodation on the first floor.
Suitable for number of uses (subject to planning)
Busy Market Town
Prominent High Street frontage
Occupiers nearby include Post Office , Co-Op Food and number of Hotels, Pubs, Cafes and Butchers.
The property consists of a two storey mid terrace stone built property with traditional pitched slate roof covering. The premises provides ground floor retail space with a separate office to the rear. The first floor consists of a spacious storage area with a mixture of offices, staff rooms and WC’s. Up until recently the property was occupied by The Co-Operative Food Store and is fitted out to a good standard. Delivery access to the store is off the High Street with some on street parking.
The property provides the following accommodation and dimensions:
Ground Floor Retail: 340.2 sq m (3,661 sq ft)
First Floor Ancillary: 190.6 sq m (2,051 sq ft)
Total: 530.8 sq m (5,712 sq ft)
The entire property is at present let to The Co-Operative Group Limited for a term of 25 years from 15th March 1999 at a current rent of £16,500 and contains full repairing and insuring covenants. There is an outstanding rent review from 2019.
The property is located in a prime position within the market town of Wooler. Wooler is approximately 20 miles to the south of Berwick upon Tweed and 50 miles to the North of Newcastle upon Tyne. The property occupies a prominent position on the Main Street and benefits from a high level of footfall especially in the summer months. This market town has a population of around 1,800 people. The High Street itself is mainly anchored by independent stores with number of small cafes, bookshops and antique stores. Also there are a small number of pubs, bakers and butchers.