Johnson Tucker LLP acquires 237-239 Chillingham Road, Heaton, Newcastle, NE6 5LT
Johnson Tucker LLP successfully acquired this multi let retail/residential investment property for a retained client in Q2 2016.
The property is prominently located to the west side of Chillingham Road, the main retail area in Heaton. Heaton is a strong and well established residential location north east of Newcastle, which is very popular among the student population. The property is next door to Subway and close to other national retailers including Tesco, Greggs, Dominos, William Hill and TSB.
The property comprises a ground floor retail unit of approximately 1,127 sq ft let to the undoubted covenant of The Cyrenians Limited (t/a Changing Lives) at £16,000 per annum. The first floor comprises a flat with 4 double en-suite bedrooms let to four students at a rental of £14,556 per annum. The combined rental income is £30,556 per annum.
The property was purchased for a value reflecting a net initial yield of 9.10% after allowing for purchasers costs.
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