Background
This is an investment opportunity comprising a three storey mid terraced property and forming part of a busy mixed-use terrace within this popular Gateshead suburb. The property is located at the junction of Durham Road with Chowdene Bank and Kells Lane.
The immediate area is predominantly residential but this property forms part of a busy commercial parade that includes a selection of independent traders and a couple of pubs. Durham Road is a very busy arterial route and there is free pull in parking to the front of this terrace.
Description
This three - storey mid terrace property has been in the same family ownership since 1987. The building is of traditional brick construction with a pitched slate roof over. The first floor maisonette has separate street access.
Business Rates
Rateable Value £3,700
Occupational Leases
717 Durham Road
Trading as Angel Fish Bar operating as a hot food takeaway. There is a lease in place from May 2024 expiring in July 2040 with a break clause in July 2025 with 6 months prior notice required in writing. There is a rent review 30/6/2025 and every 5th anniversary thereafter. A copy of the lease is available.
719 Durham Road
There is a 24 month AST from August 2024.
Legal Costs
Each party to bear their own costs.
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.
VIEWINGS STRICTLY BY APPOINTMENT