Retail premises for sale in Milburn Road, Ashington NE63

Location

The subject property is located on Milburn Road in Ashington. Milburn Road is situated in a mixed use location, approximately 0.5 miles from Ashington town centre and is surrounded by housing estates as well as local and national retailers and amenities including Co-op Food, Sweet ‘n’ Savoury, Betty Bakes and Cakes, Seaton Park Medical Group and Ocean Treasure.

The property is accessible by public transport with bus routes servicing Milburn Road, providing direct access to Morpeth, Bedlington, Blyth and Newcastle upon Tyne city centre. The property is also accessible by road with the A196 just 0.4 miles away and the A189 is 1.5 miles away.

Description

The subject property comprises a mixed use, mid-terrace building which is arranged over ground, first and second floors. The ground floor provides retail accommodation with kitchen and WC facilities. The ground floor also benefits from UPVC double glazed windows with security roller shutters, suspended tiled ceiling, laminated floor covering and a mixture of strip fluorescent lighting and spot lights.

The upper floors comprise a two bedroom maisonette with living area, kitchen and bathroom on the first floor and two bedrooms on the second floor. The property is supplied with gas central heating.

Accommodation

Ground floor 70m² 753ft²
Upper floors 74m² 797ft²
Total 144m² 1,550ft²

Rating assessment

The rateable value of the premises as at 1 April 2023 is £4,450 and the estimated rates payable for the current year is £2,220.55. This is based on the standard uniform business rates multiplier of 49.9p in the pound, however, interested parties should confirm the current position with the Local Authority.

EPC rating

C66/E51

Tenancy information

The flat is let by way of an Assured Shorthold Tenancy (AST) agreement, to a private individual at £500 per calendar month, equating to £6,000 per annum.

There is potential to increase the rental income by letting out the ground floor retail space.

Terms

The property is available with a guide price of £80,000 (Eighty Thousand Pounds). This equates to a net initial yield of 6.93% assuming purchaser’s costs at 1.8%.

VAT

All rents, premiums and purchase prices quoted herein are exclusive of VAT. All offers are to be made to Bradley Hall upon this basis, and where silent, offers will be deemed net of VAT.

Legal costs

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

Anti-money laundering regulations

In accordance with the Anti-Money Laundering Regulations the Purchaser/Tenant will be required to provide two forms of identification and proof of the source of income.