The property has been under local family ownership for a number of years and is well maintained, having recently been refurbished including new windows and roof covering
The property is in a very prominent town centre location on the corner of Whitley Road & South Parade
The ground floor is entirely let to six tenants
There are six very spacious flats over the upper floors
Four of the flats have been newly refurbished
Nearby occupiers include Halifax, Subway, William Hill, Greggs, among other national and regional retailers
Seeking offers in the region of £1,100,000
Whitley Bay is a seaside town and densely populated region of North Tyneside located on the north east coast, approximately 9 miles to the north east of Newcastle upon Tyne. It is easily accessed by road from the city centre via the A1058 (Coast Road). The A1(M) and A19 are also easily accessed via the Tyne Tunnel. The Tyne & Wear Metro line runs through Whitley Bay with closest stations to the building being Whitley Bay (0.25 miles) and West Monkseaton (0.5 miles). A metro journey to Newcastle City Centre takes around 25 minutes.
Whitley Bay is a popular tourist destination with an award-winning beach. North Tyneside Council were successful in their bid for £3.47m from the Heritage Lottery Fund to carry out major restoration of the iconic Spanish City and Promenade, which has now completed. This involved conservation work along the Promenade, the development of a new car park and development of a mixed use leisure scheme within the iconic Spanish City Dome.
The property comprises a substantial three storey building with net internal floor area of approximately 9,608 sq ft, situated in the heart of Whitley Bay town centre, close to Park View Shopping Centre and national retailers including Sainsbury’s, Iceland, Greggs, Newcastle Building Society and William Hill, among others. Situated in a prominent corner position, there are frontages to the building on South Parade and Whitley Road. The property is less than 0.5 miles from the iconic Spanish City & sea front. Morrisons Supermarket is also nearby.
Flats 1-4, 1-3 South Parade have been newly refurbished to a high standard and could be suitable for both tenants and owner occupiers. All apartments comprising a large open plan living space with lounge, dining area and kitchen as well as two bedrooms; one of which has an en-suite plus separate family bathroom.
The flats at 7a and 7b South Parade are extremely large at around 1,173 sq ft per apartment. Both flats contain two bedrooms and we suspect there may be opportunity to add value in the future by refurbishment or breaking up into a greater number of smaller flats.
The roof covering and windows throughout the upper floors have all been replaced very recently.
ACCOMODATION & EPC
|ADDRESS||DESCRIPTION||SQ M||SQ FT||EPC|
|230 Whitley Road||Ground floor – Commercial||41.5 sqm||446 sq ft||C55|
|232 Whitley Road||Ground floor – Commercial||46.8 sqm||504 sq ft||D87|
|234 Whitley Road||Ground floor – Commercial||64.2 sqm||691 sq ft||C69|
|Flat 1 – 1-3 South Parade||Upper floor – Residential||80 sqm||861 sq ft||D63|
|Flat 2 – 1-3 South Parade||Upper floor – Residential||78 sqm||840 sq ft||D68|
|Flat 3 – 1-3 South Parade||Upper floor – Residential||89 sqm||958 sq ft||D55|
|Flat 4 – 1-3 South Parade||Upper floor – Residential||79 sqm||850 sq ft||D58|
|5 South Parade||Ground floor – Commercial||86.3 sqm||929 sq ft||C74|
|7a South Parade||Upper floor – Residential||109 sqm||1,173 sq ft||C70|
|7b South Parade||Upper floor – Residential||109 sqm||1,173 sq ft||C69|
|9 South Parade||Ground floor – Commercial||46.2 sqm||497 sq ft||C55|
|11 South Parade||1st and 2nd floor Accommodation||63.7 sqm||686 sq ft||D95|
|TOTAL||892.7 sqm||9,608 sq ft|
The ground floor is entirely let to six tenants producing a combined rental income of £48,470 per annum:
230 Whitley Road is let to a local individual trading as a nail salon on a 10 year lease from 24th February 2019 at a rent of £4,840 per annum
232 Whitley Road is let to two local individuals trading as a hair salon on a 8 year lease from 8th April 2015 at a rent of £9,000 per annum.
234 Whitley Road is let to Aroos Beirut Limited with personal guarantee from the director trading as a Lebanese hot food takeaway at a rent of £16,200 per annum. The lease is held on full repairing and insuring terms from 4th October 2011 on a 10 year term
5 South Parade is let to a local individual trading as a beauty salon on a 15 year lease from 11th October 2018 at a rent of £7,560 per annum
9 South Parade is let to a local individual trading as a tattoo parlour on a 5 year lease from 12th December 2017 at a rent of £6,500 per annum
11 South Parade is let to a local individual trading as a fishing tackle shop on a 5 year lease from 17th September 2015 at a rent of £4,160 per annum
The flats at 7a & 7b South Parade are let on Assured Shorthold Tenancies (ASTs) at £520 pcm and £550 pcm respectively combining to produce a gross annual rent of £12,840 per annum
Flats 1-4, 1-3 South Parade have been newly refurbished, comprising two bedrooms, one of which contains an en-suite, a separate family bathroom and a large open plan kitchen / lounge (family room). Flats 1, 2 & 3 are let at £700 pcm and flat 4 is let at £775 pcm providing a combined rental income of £34,500 pa.
The total passing rent incorporating both commercial and residential elements is £95,810 per annum.
We are instructed to seek offers in excess of £1,100,000 (One Million & One Hundred Thousand Pounds) reflecting a low capital value of only £114.49 psf
LEGAL & SURVEYORS
Each party is to be responsible for their own costs incurred in the transaction.
We understand the property is not elected to tax
We are instructed to sell our client’s Freehold interest.
ANTI-MONEY LAUNDERING REGULATION 2017
In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.