Retail premises for sale in Newbottle Street, Houghton Le Spring DH4

Location
The property is centrally located in Newbottle Street within the centre of Houghton le Spring close to a number of occupiers including Superdrug, Lloyds Bank, Greggs, Iceland and Ladbrokes.

Description
The property is a substantial 3 storey building comprising 3 retail units to the ground floor together with first and second floors with independent access from Newbottle Street. There is a large car park to the rear which is accessed from the side of the property.
The property offers an excellent opportunity with a number of Asset Management opportunities.

Accommodation
The properties briefly comprise as follows:-
Unit 1a– Print 2 Go ft2 m2
Net Internal Area 752 69.9
Unit 2/3 – Hegartys Estate Agent
Net Internal Area 1214 112.8

Unit 4 - Cobbler ft2 m2
Net Internal Area 612 56.8
First Floor
Net Internal Area 2729 253.5
Second Floor
Net Internal Area 2339 217.3
Externally
yard to rear providing parking and loading

Tenure
We are advised the property is Freehold.

Tenancy Details
Unit 1a is let to Print 2 Go who are holding over on lease that expired 17/04/21 at a rent of £4900 per annum.

Unit 2/3 is let to Hegartys Estate Agents who are holding over on lease that has expired at a rent of £9,000 per annum.

Unit 4 is let to Clarks Shoe Repairs at a rent of £8,000 per annum. The tenant has just served 3 months notice to vacate.

Upper floors are currently vacant and represent an excellent opportunity for conversion to residential which would increase rental income substantially.

Telecom Mast – Let to 3G and EE on lease expired 31/12/21 at a rent of £5,992.06 per annum
Asking Price
Offers in the region of £275,000 (two hundred and seventy-five thousand pounds)

Please Note – The property is currently subject to an Enforcement Notice due to a refusal for retrospective planning permission for the installation of UPVC windows, including the blocking up of windows on front, rear and side elevations. The refusal can be viewed on Sunderland City Council Planning Portal Application Ref 20/00228/ful.

Therefore, as part of any refurbishment of the upper floors, provision will need to be made to replace the windows and re-open the blocked up windows. This has been reflected in the low asking price.

Costs
Each party will be responsible for their own Legal Fees incurred in the transaction.

Viewing
Contact – Marc Weaver or Alexa Reavley

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• VAT
Figures quoted exclude VAT where chargeable.

Money Laundering Regulations
In accordance with Anti –Money Laundering Regulations, the Purchaser/Tenant will be required to provide 2 forms of identification together with confirmation of the source of funding.

Disclaimer
None of the equipment or systems within the premises have been tested by the Agent and it is the responsibility of the Purchaser/Lessee to ensure that they are in working order.

Ref
C4161

EPC

Awaiting Further Information