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Ashington – Freehold Retail Investment

For sale: £375,000.00|6,862 Sq Ft|General Retail, Retail - High Street, Retail

Property details

FOR SALE£375,000.00
SIZE6,862 Sq Ft
ADDRESS42-44 Station Road, Ashington, Northumberland, NE63 9UJ
TYPEGeneral Retail, Retail - High Street, Retail
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON17th October 2021

Description

Investment Consideration:
Gross Initial Yield: 7.47%
Rental Income: £28,000 p.a.
VAT is applicable to this property
Comprises charity shop at ground and first floor and self-contained dance studio at second floor
Total area size of 637.50 sq m (6,862 sq ft)
Nearby occupiers include Lloyds Bank, Halifax Bank, Wilko, Argos, Heron Foods and others.

Property Description:
The property is arranged on ground and two upper floors to provide a ground and first floor charity shop with self-contained dance studio at second floor.

The property provides the following accommodation and dimensions:
Ground Floor: Shop 283.90 sq m (3,056 sq ft)
First Floor: Ancillary 235.20 sq m (2,532 sq ft)
Second Floor: Dance Studio 118.40 sq m (1,274 sq ft)
Total area size: 637.50 sq m (6,862 sq ft)

Tenancy:
The ground/first floor shop is at present let to Sense, The National Deafblind and Rubella Association for a term of 15 years from 11th July 2021 at a current rent of £25,000 per annum and the lease contains full repairing and insuring covenants. Rent review linked to RPI every 5th year (subject to a 1% collar and 3% cap per annum and 10% cap in each 5 year period). Tenant option to determine in September 2026 and September 2031, subject to a penalty of £24,000 if exercised in September 2026. The second floor premises are at present let to The Gladwin School of Dance and Drama (t/a Dance Studio) for a term of 15 years from 6th October 2021 at a current rent of £3,000 per annum and the lease contains full repairing and insuring covenants. Rent review linked to RPI every 5th year. No break clause.

Location:
Ashington is a town and civil parish in Northumberland, England. The town is 15 miles north of Newcastle upon Tyne, west of the A189 and bordered to the south by the River Wansbeck. The town is served by local Arriva North East and Go North East buses linking to the rest of Northumberland and to Newcastle. National Express services also arrive and depart from the central bus station. Ashington is well served by roads. The A189 (Spine Road) to the east of Ashington runs south via Blyth and North Tyneside to Newcastle, and via the A19 Tyne Tunnel to South Tyneside and the A1(M). The A189 also runs north along the coast to Alnwick and Berwick. The A196 runs west towards Morpeth and the A1 which goes north to Scotland and Edinburgh or south to the A1(M) near Newcastle on towards Durham and Yorkshire and the South. Nearby occupiers include Lloyds Bank, Halifax Bank, Wilko, Argos, Heron Foods and others.

Location

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Location: 42-44 Station Road, Ashington, Northumberland, NE63 9UJ

Pegswood (2.8 miles)

Widdrington (4.4 miles)

Morpeth (4.6 miles)

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