Johnson Tucker have successfully sold this mixed use retail and residential investment in Forest Hall, a suburb of Newcastle upon Tyne in excess of the asking price.
The ground floor is let to Greggs PLC until 17th April 2023 at a rent of £14,000 per annum. Greggs PLC is the leading bakery bakery/food-on-the-go retailer in the UK and have been running for over 75 years. They currently trade from almost 1,700 shops across the UK. They have a Credit Safe rating of 96 – very low risk. On 31st December 2016 Greggs PLC recorded a total turnover of £894,195,000 and pre-tax profits of £80,319,000.
The upper floor comprises an individually accessed, self-contained flat let at £5,100 per annum. Total rent received is £19,100 per annum and we were instructed to seek offers in excess of £260,000 for our clients freehold interest.