Retail premises for sale in Fowler Street, South Shields NE33

Offers in region of £125,000 (£206.27/sq. ft)
Retail premises for sale 606 sq. ft*
Interested in this property? Call +44 191 228 6291 * or Request Details

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Property description

Location


The subject premises are located on Fowler Street, adjacent to Barclays bank and between King Street and the newly redeveloped Metro and Bus Interchange. This section of Fowler Street is pedestrianised and forms part of the town centre shopping area.


Description


The property forms part of a larger Grade II Listed Building and comprises a single retail shop unit with a timber glazed frontage, recessed access door and motorised roller shutters. Internally there is a good retail sales area, tea point and single WC.

The premises are currently fitted out and trading as Homefair Blinds who have been in occupation since 2010.

Accommodation


Sales Area 606 sq.ft (56.3 sq.m)

All areas are approximate.


Tenure


The property is held on a 999 year lease from 16.06.91 at a peppercorn rent on an efri basis.

The property is sub-let to Homefair Blinds UK Limited at a rent of £11,000 per. Homefair have a 5 year lease from 1 May 2021, with a tenants option to break at the end of each year on giving three months’ notice with a six week rent penalty payable if exercised at the end or years one or two.


Agents comment


The lease to Homefair was negotiated during covid restrictions, the previous passing rent was £17,000 per annum. As the previous lease had expired, renewal of the lease illustrates the tenants confidence in the location to renew the lease, albeit with break options due to the uncertainty surrounding the pandemic. With a well-located unit such as this, and a relatively low rent passing, it is considered that there are prospects for future rental growth.


Price


Offers in the region of £125,000.


Business rates


Rateable Value: £16,000

The above figure should be checked with the Local Authority.


Energy performance rating


EPC:D

Property info

* Sizes listed are approximate. Please contact the agent to confirm actual size.

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For more information about this property, please contact
Rod Bennett Commercial Property Consultants, NE25 on +44 191 228 6291 * (local rate)

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Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Rod Bennett Commercial Property Consultants, and do not constitute property particulars. Please contact Rod Bennett Commercial Property Consultants 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.

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