Property
53 Stowell Street, Newcastle upon Tyne, Tyne & Wear, NE1 4YB
The property comprises the ground floor and basement of this four storey end terraced building. The property is of traditional brick construction under a slate pitched roof. The property was last used as a restaurant and thus has Use Class E permissions. The property provides open plan ground floor accommodation with a large ancillary basement space.
LOCATION
The property is situated on Stowell Street in the centre of Newcastle upon Tyne in the area well known locally as China Town. The street is home to a number of Chinese and other east Asian restaurants and other businesses associated with this community including a Chinese supermarket. The building is the last building on Stowell Street, next door to Bubble Cha Traditional Taiwanese Bubble Tea and opposite Wing Hong Supermarket and a short walk from Hadrians Tower.
ACCOMODATION
The property has the below net internal area;
| Ground Floor | 162 sq m | 1,744 sq ft |
| Basement | 110 sq m | 1,302 sq ft |
| Total | 272 sq m | 3,046 sq ft |
TERMS
The premises are available by way of a new effective full repairing and insuring lease at £27,000 per annum (exclusive). All other terms are to be agreed by negotiation.
EPC
The property has an energy performance certificate rating of D80.
RATING ASSESSMENT
The rating assessment currently appearing on the Valuation List is as follows: –
2017 Rateable Value: £40,000
2023 Rateable Value: £31,000
The Small Business rate for the year 2022/2023 is 49.9 pence in the pound.
Please note the rateable value will be re-assessed as the property is currently being re-configured and the total floor area will be smaller than that on the current RV.
LEGAL COSTS
Each party to bear their own legal costs incurred in the transaction.
VAT
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.
