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Town centre retail/office investment
Let to Chase Holmes Estate Agents
Fri lease expiring August 2023
Rental income £10,500 pax
Gross yield 11%
Public car parking to rear
Location Fowler Street is a secondary retail pitch within South Shields Town centre linking Westoe Road to King Street. The property is located near to Beach Road, South Shields Town Hall and the main estate agency pitch and is also close to the new public transport interchange.
Description The property is arranged over 3 floors having been built to full site depth at ground floor and is let to Chase Holmes Estate Agents at an annual rental of £10,500. See tenancy details.
Accommodation The property briefly comprises as follows:-
ft2 m2 Ground Floor ft m Sales Area Internal Width 20’1” 6.12 Sales Depth 43’7” 13.28 Sales Area 784 72.83
Rear Sales 276 25.92
Kitchen and WC’s First Floor Offices 431 40.04
Second Floor Offices/Stores 269 24.99
Tenure We are advised the property is Freehold.
Tenancy Details The property is let to Chase Holmes (Sales) Ltd crn 0733387 trading as Chase Holmes Estate Agents established in 2002 operating from offices in South Shields, Hebburn and Jarrow. The property is let on Fri terms from 31st August 2018 at an annual rental of £10,500 (expiry August 2023).
Asking Price Offers invited on the region of £95,000 (ninety-five thousand pounds) based on a gross yield of 11%.
Costs Each party will be responsible for their own Legal Fees incurred in the transaction.
Viewing Contact – Mario Jaconelli or Alexa Reavley
• • • VAT Figures quoted exclude VAT where chargeable.
Rateable Value (rv) The Valuation Office has confirmed the Rateable Value is £12,500. The Uniform Business Rate for the Rates Year 2021/2022 is 49.9p. If necessary, a written request should be made to the Local Authority for confirmation.
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.
For more information about this property, please contact Lofthouse and Partners Ltd, SR1 on +44 191 723 0021 * (local rate)
Contact Lofthouse and Partners Ltd about this property
Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Lofthouse and Partners Ltd, and do not constitute property particulars. Please contact Lofthouse and Partners Ltd for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.