ADDRESSFOR SALE - 115-117 ST GEORGE’S TERRACE, JESMOND, NEWCASTLE, NE2 2DN
TYPEGeneral Retail, Restaurant/Cafes, Retail
TENUREFor Sale Freehold
POSTED ON13th October 2022
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%.