Location
This investment is located on Causey Street which is a mixed use residential and retail location just off High Street in Gosforth. This is one of the most sought-after residential districts of Newcastle, approximately 1.5 miles north of the city centre.
The immediate area comprises mainly residential housing but the High Street is less than 50 yards from the subject property and nearby tenants include a broad range of multiples and independents.
Description
This opportunity comprises an end-terraced two storey property which forms part of a larger terrace. The space is all interconnected but could ultimately be split into three separate units; two retail / office spaces and a first floor office unit.
Accommodation
The property has been measured in accordance with the Code of Measuring Practice and reported on a Gross Internal Area basis as follows:
Ground Floor
Retail / Offices circa 1,056 sq.ft. (98 sq.m).
2 x W.C.’s
First Floor
Offices circa 990 sq.ft. (92 sq.m).
2 x W.C.’s
Occupational Lease
The property is occupied by Coastal Retreats Ltd. by way of a 10 year FRI lease dated from 7th April 2014 at a current rent of £25,500 per annum. There are no further rent reviews or break clauses.
Interested parties should seek legal confirmation of this.
EPC
Rating – C
Services
Water, gas, electric and sewerage are installed and the property is in good order throughout.
Rates:
The premises are assessed as follows:
#5 - 10 RATEABLE VALUE £16,000
#11 RATEABLE VALUE £5,500
Viewing
Strictly by appointment with this office.
Tenure
We are informed that the title is freehold. Interested parties should seek legal confirmation of this.
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.