Retail premises for sale in Newcastle Upon Tyne NE1

Offers over £3,350,000 (£400.96/sq. ft)
Interested in this property? Call +44 191 686 1829 * or Request Details

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Retail premises for sale 8,355 sq. ft*
Tenure: Freehold Council tax band: Not available

Property description

Key Points

  • Prime retail location of Northumberland Street
  • Freehold
  • Well configured retail unit
  • Passing rent £270,000 per annum exclusive
  • Let to highly secure tenant tsb Bank Plc until November 2025
  • Net initial yield 7.59%
  • Itza £128 psf
  • Description

    The property comprises a prominent period three storey building, with additional basement accommodation. The property has stone facades to its frontages, lying beneath pitched slate roof. There are access points both from Northumberland Street and St Mary’s Place. The property also benefits from return glazed retail frontages to both St Mary’s Place and Northumberland Street.

    Internally the accommodation is split over the basement, ground, first and second floors, with the building extending in total to 8,355 sq ft. The ground floor is split to provide the main banking hall with ancillary counter and staff accommodation, with the basement currently used for ancillary and storage purposes, with the upper two floors split into a number of offices for staff, training and ancillary accommodation.

    Location

    Newcastle upon Tyne has a population of approximately 309,000 people and is the regional capital of the north east, lying on the north bank of the River Tyne. It is situated approximately 19 miles north of Durham, 104 miles south of Edinburgh and 98 miles north of Leeds. The A1 provides the main access to the city.

    Proposal

    We are instructed to seek offers in excess of £3,350,000 (Three million three Hundred and fifty Thousand Pounds) for the freehold interest, subject to contract and exclusive to VAT.

    A purchase at this level represents a net initial yield of 7.59%, net of standard purchaser’s costs of 6.19%.

    Property info

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

    Arrange Viewing

    For more information about this property, please contact
    BNP Paribas Real Estate - Newcastle Commercial, NE1 on +44 191 686 1829 * (local rate)

    Contact BNP Paribas Real Estate - Newcastle Commercial about this property

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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 BNP Paribas Real Estate - Newcastle Commercial, and do not constitute property particulars. Please contact BNP Paribas Real Estate - Newcastle Commercial 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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