ADDRESS6 Station Road, Ashington, Northumberland, NE63 9UJ
TYPEGeneral Retail, Retail - High Street, Office, Land, Retail, Offices, Commercial Land
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON9th January 2023
Description
Investment Consideration: Gross Initial Yield: 7.78% Rental Income: £10,500 p.a. VAT is NOT applicable to this property Comprises ground floor shop t/a pawnbrokers and a first floor office (sold-off) Nearby occupiers include Specsavers, EE and Poundland, amongst many more.
Property Description: The property comprises ground floor shop and a self-contained first floor office (sold-off), providing the following accommodation and dimensions: Ground Floor Shop: 57 sq m (613 sq ft) First Floor Office: sold-off
Tenancy: The ground floor shop is at present let to Ramsdens Financial Limited for a term of 10 years from 11th November 2019 at a current rent of £10,500 p.a. and the lease contains full repairing and insuring covenants. Rent review on 11.11.2024 (open market). Tenant option to determine on 11.11.24 with minimum 6 months notice. First floor has been sold-off on long leasehold for a term of 999 years from 1st January 2021 at peppercorn ground rent.
Location: Ashington is located some 17 miles north of Newcastle upon Tyne and 5 miles east of Morpeth, close to the Northumbrian coastline. The A196, which provides access to the A1, runs adjacent to the town centre. The property is located on the south side of Station Road, close to its junction with the A196 and Woodhorn Road. Nearby occupiers include Specsavers, EE and Poundland, amongst many more.
