Property

Investment

Lloyds Pharmacy Investment – 18 Albion Road, North Shields, NE29 0HT

TENANCY INFORMATION

The property is entirely let to Lloyds Pharmacy Limited on a 20 year lease from and including 31 March 2015 at the initial rent of £27,771 per annum. There are tenant break dates on 30 March 2025 and 30 March 2030 and there are rent reviews on 31 March 2025 and 31 March 2020.

The tenant is also permitted to terminate the lease at any time by serving written notice on the landlord if the GP’s surgery at 19 Albion Road, North Shields ceases to operate as a GPs surgery.

The tenant may also end this lease by serving not less than 3 months written notice on the landlord if at any time the number of registered patients at the Priory Medical Group at 19 Albion Road, North Shields falls below 6,250 patients.

PROPOSAL

We are instructed to seek offers in excess of £350,000 for our clients freehold interest, reflecting a net initial yield of 7.64% assuming purchasers costs of 3.80%

LOCATION

The property is located in North Shields approximately 8 miles east of Newcastle upon Tyne, 2 miles west of Tynemouth and 8 miles to the north of Sunderland. North Shields benefits from excellent transport links and North Shields Metro Station is situated 0.3 miles from the subject property providing ease of access to Newcastle city centre and other towns and locations throughout the North East and Newcastle.

DESCRIPTION

The property is situated on Albion Road; one of the principal routes through North Shields from Tynemouth on the fringe of North Shields town centre. The premises form part of the Priory Medical Centre with shared entrance lobby with the Doctors Surgery.

WC facilities are shared with the adjacent medical centre and there are two allocated car parking spaces to the rear of the property.

TENANCY INFORMATION

The property is entirely let to Lloyds Pharmacy Limited on a 20 year lease from and including 31 March 2015 at the initial rent of £27,771 per annum. There are tenant break dates on 30 March 2025 and 30 March 2030 and there are rent reviews on 31 March 2025 and 31 March 2020. The tenant is also permitted to terminate the lease at any time by serving written notice on the landlord if the GP’s surgery at 19 Albion Road, North Shields ceases to operate as a GPs surgery. The tenant may also end this lease by serving not less than 3 months written notice on the landlord if at any time the number of registered patients at the Priory Medical Group at 19 Albion Road, North Shields falls below 6,250 patients.

ACCOMMODATION

The net internal floor areas are calculated to be as follows:
Ground Floor 80.45 sq m 866 sq ft
First Floor 79.07 sq m 858 sq ft
Total NIA 160.15 sq m 1,724 sq ft

Externally, there are two allocated car parking spaces.

VIDEO ARCHIVE
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LEGAL COSTS

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

EPC

The property has an EPC rating of D

VAT

We understand the property is not elected for tax and therefore no VAT is payable.

TENURE

The property is held freehold

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 purchaser.

PROPOSAL

We are instructed to seek offers in excess of £350,000 for our clients freehold interest, reflecting a net initial yield of 7.64% assuming purchasers costs of 3.80%

VIEWING

Strictly By appointment through Johnson Tucker LLP. For more information please contact:

Daniel Capobasso MRICS
Mobile: 07968 618 948
Email: danielc@johnsontucker.co.uk

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