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FOR SALE - 115-117 ST GEORGE’S TERRACE, JESMOND, NEWCASTLE, NE2 2DN

For sale: £725,000.00|2,542 Sq Ft|General Retail, Restaurant/Cafes, Retail

Property details

FOR SALE£725,000.00
SIZE2,542 Sq Ft
ADDRESSFOR SALE - 115-117 ST GEORGE’S TERRACE, JESMOND, NEWCASTLE, NE2 2DN
TYPEGeneral Retail, Restaurant/Cafes, Retail
TENUREFor Sale Freehold
POSTED ON13th October 2022

Description

115 comprising ground floor & basement is let to Lovage Jesmond Limited on FRI terms at £32,000 per annum expiring 30th April 2037 with rent reviews on 1st May 2027 and 1st May 2023. There is a £16,000 rent deposit.

The operator runs other well-known & highly regarded establishments including The Blackbird in Ponteland, The Northumberland Arms in Felton as well as Kennedy & Rhind in Jesmond.

117 comprising first & second floors is let to Bowson Lettings Limited on IRI terms at £14,000 per annum expiring 24th March 2027.

TOTAL RENT: £46,000 PER ANNUM

WAULT TO EXPIRY: 11.50 YEARS

We are instructed to seek offers in excess of £725,000 for our client’s freehold interest reflecting a net initial yield of 6.02% assuming purchasers costs of 5.35%.

Location

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Location: FOR SALE - 115-117 ST GEORGE’S TERRACE, JESMOND, NEWCASTLE, NE2 2DN

Manors (1.5 miles)

Newcastle (1.9 miles)

Dunston (3.4 miles)

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