Property

Under Offer
Investment Residential and Development Retail

90-92 Clayton Street, Newcastle upon Tyne, Tyne & Wear, NE1 5PG

The accommodation comprises of a ground floor return frontage retail unit providing clear retail space with ancillary sales and staff/storage accommodation to the basement. The unit is alarmed and benefits from an external roller shutters to the shop front.

LOCATION

The property is located in a prominent position on Clayton Street, on the junction with Charlotte Square, close to Westgate Road. Clayton Street is an improving location, in close proximity to the southern end of the redeveloped InTu Eldon Square, one of the largest city centre shopping destinations in the UK with an annual footfall of 35 million. Located nearby is the Hotel Indigo Newcastle whilst 500 meters north of the property is The Gate Complex as well as the more recently redeveloped Co-op Department Store and Newgate Shopping Centre developments, providing a comprehensive array of retail,  leisure and night time activity.

ACCOMODATION

The accommodation comprises the following approximate Net

Internal Area:

Ground Floor Sales88.65 sq m954 sq ft
Basement11.34 sq m122 sq ft
Total99.99 sq m1,076 sq ft

There are 3 flats over the upper floors, fully let until August 2022, generating a combined gross rental of £43,456 per annum:

Flat 1 – £14,352 pa

Flat 2 – £14,352 pa

Flat 3 – £14,352 pa

TERMS

The unit is available via a new full repairing and insuring lease at rent of £25,000 per annum, for a number of years to be agreed.

Alternatively, our client may be prepared to sell the freehold for offers in the region of £900,000.

RATING ASSESSMENT 

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

Shop & premises                  £27,000

The small business rate multiplier for the year 2021/2022 is 49.9 pence in the pound.

LEGAL COSTS

Each party to bear their own legal costs incurred in the transaction.

EPC

The property has an Energy Performance Certificate rating E-107.

VAT

All figures quoted are exclusive of VAT where chargeable. 

ANTI-MONEY LAUNDERING

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.

Processing...
Thank you! Your subscription has been confirmed. You'll hear from us soon.
Sign up for our newsletter
ErrorHere