Investment Consideration:
Gross Initial Yield: 7.50%
Rental Income: £18,750 p.a.
VAT is applicable to this property
Comprises ground floor shop with ancillary accommodation above
Tenant did NOT exercise break clause in 2022
Occupiers nearby including Halifax, Cafe Nero, Ryman Stationery and New Look, amongst other retailers.
Property Description:
The property comprises mid-terrace ground floor shop with ancillary accommodation at first and second floor, providing the following accommodation and dimensions:
Ground Floor: Shop 101.20 sq m (1,089 sq ft)
First Floor: Ancillary 38.70 sq m (417 sq ft)
Second Floor: Ancillary 40.80 sq m (439 sq ft)
Total area size: 180.70 sq m (1,945 sq ft)
Tenancy:
The property is at present let to Oxfam for a term of 5 years from 19th October 2019 at a current rent of £18,750 per annum and the lease contains full repairing and insuring covenants. Tenant in occupation since 2009. Tenant did NOT exercise break clause in 2022.
Location:
Newcastle-under-Lyme is a market town and the administrative centre of the Borough of Newcastle-under-Lyme in Staffordshire, England. The town is served by the M6 motorway to the south and west of Newcastle and by the A500 road to the north and east. There are access points from the M6 at junctions 15 and 16, to the south and north respectively. The A34 trunk road runs through Newcastle from north to south and was the main road between Birmingham and Manchester until the M6 motorway opened. There is a large bus station in the town centre. The property is located in the town centre with occupiers nearby including Halifax, Cafe Nero, Ryman Stationery and New Look, amongst other retailers.
