Background
This is an investment property comprising three separate retail elements with vacant offices above which could be suitable for conversion or letting. The property has dual frontage onto King Street and East Street / Waterloo Vale.
The property is located in the heart of the town centre within an area that is undergoing some considerable development. South Tyneside and the Marine College are planning to relocate adjacent to the subject property and naturally it is anticipated that this will generate a large increase in footfall to this part of the town.
Description
A four-storey end terrace property of traditional red brick construction with a pitched roof over.
6 Waterloo Vale & 2/4 East Street
A ground floor and first floor retail unit trading as a Subway and occupied by Subway Realty Ltd.
Rateable Value £tbc
73 King Street,
An extensive ground and first floor premises trading as Tyne Bargains and occupied as TBSS Ltd.
Rateable Value £18,000
75 King Street (circa 340 sq.m.)
An extensive first, second and third floor space part of which was used as a recruitment agency until February 2024. The space may also be suitable for conversion into residential accommodation, subject to planning.
Rateable Value £10,400
77 King Street
A ground and first floor retail unit trading and occupied by British Heart Foundation.
Rateable Value £10,000
Legal Costs
Each party to be responsible for their own legal costs in the transaction.
Leases
Copies of the leases are available on request.
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.