The property provides clear ground floor retail space with the benefit of substantial basement storage. There is a large glazed shop front on to Newgate Street whilst internally there is air conditioning.
The property is located in a prominent position on Newgate Street, close to the inter-section with Grainger Street. The location is very accessible by public transport with both Newcastle Central Station and Metro Stations within 5 minutes’ walk, whilst Newgate Street is one of the main bus routes through the city. Opposite the property is the redeveloped Newgate Centre comprising of student accommodation, a four star hotel and retail / leisure or restaurant space. To the west of the property is The Gate Leisure complex whilst to the east is the Bigg Market. Also in immediate proximity is the Debenhams entrance to Intu Eldon Square; Newcastle’s premier shopping centre, providing 1.6 million sq ft of retail.
Ground Floor – 169.2 sq m (1,821 sq ft)
Basement – 48.7 sq m (524 sq ft)
The premises are available by way of a new full repairing and insuring lease at a rent of £57,500 per annum (exclusive). All other terms are to be agreed by negotiation.
The property has an energy performance certificate rating of D100.
The rating assessment currently appearing on the 2017 Valuation List is as follows: –
Shop & Premises: £44,000
The Small Business rate for the year 2019/2020 is 49.1 pence in the pound
Each party to bear their own legal costs incurred in the transaction.
All figures quoted are exclusive of VAT where chargeable.
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.