Newly constructed leisure Investment sold for client

We are very pleased to have concluded the sale of Unit 2 Queen Alexandra Road, North Shields in November 2021. North Shields is approximately 8 miles north east of Newcastle city centre sitting between Tynemouth and Wallsend with a population in excess of 35,000 and a wider conurbation in excess of 200,000.

The property is positioned at the junction of Queen Alexandra Road and Walton Avenue; a very prominent corner position immediately next door to a newly developed Co-op convenience store with shared car parking facilities. This is a densely populated suburban location approximately 1 mile to the north of North Shields town centre positioned on one of the main arterial routes into North Shields benefitting from a high volume of traffic and less than a 10 minute walk to North Shields metro station.

The property is located in a predominant and densely populated residential location with other businesses including the Alexandra Pub, North Tyneside VODA, Queen Alexandra College, Ciba Café, Ruby’s Flowers and K1 Barbers as well as a number of other local retailers and businesses.

The former Taylors Garage has been redeveloped to provide two retail units. The first has been converted to a Co-op Foodstore with a shared car park for eighteen cars. The property has also been newly refurbished and is occupied by North East Snooker Centre which is run by a WPBSA Grade A coach providing a number of facilities including 8 ball pool, 9 ball pool, poker tables, pro coaching, pro exhibitions, pro cue shop, cue repairs as well as a bar. The ground floor is predominantly open plan with bar, pool tables, dart boards as well as a projector screen showing a number of sporting events.

The property is entirely let to North East Snooker Centre Ltd with personal guarantees from both business owners at an annual rent of £40,000 per annum with 5 yearly indexed link rent reviews linked to CPI compounded each year with 4% cap and 2% collar. The rent increases to a minimum of £44,163 pa in 2025. The property is held on a 10 year full repairing and insuring lease from October 2020 therefore expiring in October 2030. The car parking is shared with the Co-op supermarket in perpetuity.

For more information please contact Daniel Capobasso on 07968618948 or email danielc@johnsontucker.co.uk.

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