Location
This property is located on the Trans Britannia Properties Vance Business Park development which lies just off junction 68 of the A1 Western Bypass. Newcastle City centre is approximately 3 miles to the east and accessed via the A184 and over the Redheugh Bridge.
Newcastle airport is positioned 6 miles to the north-west (20 minutes by car) of the development and provides flights throughout UK and Europe plus a daily flight to and from Dubai.
Description
The property comprises a two storey end terraced property forming part of a pleasant and secluded business park to the west of Newcastle / Gateshead.
The property is configured to provide a communal entrance plus toilets with a self-contained ground floor office suite and then stairs up to the first floor accommodation.
Accommodation;
Reported on a Net Internal Area basis as follows:
Ground Floor circa 550 sq.ft. (51 sq.m.)
First Floor circa 600 sq.ft. (56 sq.m.)
Occupational Leases
The property is let in its entirety to The Beauty Academy Ltd. for a term of 10 years from 15th June 2020 at a passing rent of £11,960 per annum. The lease provides for a 3 yearly rent reviews to open market value or RPI (whichever the greater).
There was a break clause at the 2nd anniversary of the lease which was not exercised and there are no further breaks.
Service Charge
We are verbally informed that the service charge is currently £625 per annum, payable by the long leaseholder to the immediate landlord. The occupational leases permit for service charge reimbursement from the tenant.
VAT
The property is elected for VAT.
Services
Water, electricity and gas is installed and there is gas central heating throughout. Car parking is available externally.
Rates:
The premises are assessed as follows:
Rateable Value £9,000
Tenure
We are informed that the title is Leasehold and held on a 125 year lease from September 2020. The ground rent is £520 per annum and reviewed every 5 years to RPI. Interested parties should seek legal confirmation of this.
EPC
Rating - D
Money Laundering Regulations
In accordance with the current Anti-Money Laundering Regulations the Purchaser or Tenant will be required to provide two forms of identification and proof of the source of income.