Commercial property for sale in Fowler Street, South Shields NE33

•For Sale
•Retail/Residential Investment
•Rental Income (Flats) £10,800pa
•Vacant Retail Unit
•Guide Price £175,000

Location

The property is located on Fowler Street towards the Town Hall and Beach Road end and forms parts of the main professional area serving the Town.

Description

The property comprises a mid-terraced three storey building which has been subdivided to provide a ground floor retail unit and two separately accessed two bedroomed recently refurbished flats to the first and second floors respectively. The retail accommodation has a front retail sales area which leads to an elevated sales area which is accessed via steps. There is potential to extend the retail unit into a basement which would provide rear loading access.

Accommodation

The retail unit has a Net Internal Area (NIA) extending to 64 sqm (688 sqft)

Services

We understand that all main services are connected to the property other than main gas. The property also benefits from two newly installed wall mounted heater / cooler units.
(All interested parties should satisfy themselves with the local service providers)

Rating Liabilty

The property is assessed in the 2020 business rate list as having a Rateable Value of £9,700

Rental Income

Both flats are currently let. The total passing rent is £10,800 per annum.
The retail unit is currently on the market to let at a guide rent of £8,400 per annum.

Energy Performance Certificate

The energy performance ratings are as follows:
Retail Unit: C (68)
Flat 1: C (72)
Flat 2: C (70)

Price

Our client is seeking offers over £175,000 for the Freehold Interest

Legal Costs

Each party will be responsible for their costs in the transaction.

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.

Vat

All prices quoted are exclusive of VAT at the prevailing rate