Property

Retail

Former Co-op Food Store, 86 Cleveland Road, North Shields, NE29 0PF

The property comprises a former Co-op Foodstore plus first floor flat, prominently positioned in a corner location with a wide shop front. All shop windows have the benefit of perforated and powder coated electric roller shutters and there is a burglar alarm system. Internally the ground floor shop comprises a suspended ceiling with integrated lighting and solid flooring throughout. The layout is mainly open plan with ancillary storage, office and WCs to the rear.

The first floor comprises a spacious 3 bedroom flat incorporating bathroom with WC, wash hand basin and bath, lounge, kitchen and 3 double bedrooms, one of which includes a walk-in wardrobe.

LOCATION

North Shields has a population in excess of 35,000, with a greater population of over 200,000. It is a town located approximately 8 miles north-east of Newcastle city centre, between Tynemouth and Wallsend.

The property is positioned on the junction of Cleveland Road and Hawkeys Lane, less than a 10 minute walk to North Shields Metro Station to the south and the Coast Road linking directly into Newcastle City Centre approximately 0.5 miles away. This position in North Shields benefits from a strong volume of traffic with good public transport links and a high density population.

RATEABLE VALUE

The rating assessment currently appearing on the 2017 Valuation List is as follows: –

Shop & premises: £32,500

Flat Council Tax Band: A

ACCOMMODATION

Ground Floor

Sales Area: 205 sq m / 2,206 sq ft

Back of House: 70 sq m / 743 sq ft

TOTAL: 270 sq m / 2,906 sq ft

First Floor

Bathroom: 4.16 sq m / 44.77 sq ft

Lounge: 22.49 sq m / 242 sq ft

Kitchen: 11.37 sq m / 122.37 sq ft

Bed 1: 17.48 sq m / 188.15 sq ft

Bed 2: 14.84 sq m / 159.74 sq ft

Bed 3: 11.2 sq m / 120.56 sq ft

TOTAL: 81.54 sq m / 877.70 sq ft

VAT

All values are quoted exclusive of VAT. We understand the property has been elected to tax and therefore VAT is payable.

LEGAL COSTS

Each party is to be responsible for their own costs incurred in the transaction.

EPC

The commercial unit has an EPC rating of D(76).

The flat has an EPC rating of D(55).

ANTI-MONEY LAUNDERING REGULATIONS

In accordance with anti-money laundering regulations, two forms of identification and confirmation of the source of funding will be required from the successful tenant.

LEASE TERMS

The property is currently let in its entirety to Co-operative Food Group Limited on a 25 year lease from 6th April 1999, therefore expiring on 5th April 2024. The passing rent is £32,250 per annum.

The premises are available to let by way of an assignment of the lease / sub-lease of the whole.

The lease will be made available to interested parties.

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