Retail premises for sale in John Street, Sunderland SR1

Location
John Street forms part of Sunniside which is the main professional area within Sunderland City Centre. The property is prominently located on the corner of John Street and Athenaeum Street immediately opposite TSB, Your Move and Ben Hoare Bell Solicitors.

Description
The property forms part of a larger building constructed circa 1950/1960 and is arranged over ground floor and basement only with allocated car parking to the rear. The upper floors are held under separate title and do not form part of the demised property having being sold off in recent years. See tenure below.

Accommodation
The property briefly comprises as follows:-
No.18 T/a Coffee @ The Bothy ft2 m2
Ground Floor
Café and premises 1084 100.70

Basement
Storage & WC’s
Externally Allocated car parking to rear

No.18a – Vacant Restaurant Ft2 m2
Ground Floor
Restaurant 1355 125.88

Basement
Staff/Storage 99 9.20
Externally Allocated car parking to rear

Tenure
The property is subject to a 999-year lease from 4th February 2003.

Tenancy Details
18 John Street is let for a term of 5 years from Dec 2020 trading as Coffee @ the Bothy held on Fri terms subject to a schedule of condition. The rent is stepped at £10,000 in year 1, £11,000 year 2 and £12,000 in years 3 to 5. The current passing annual rental is £11,000 increasing to £12,000 in December 2023. The lease expires in December 2025.

Number 18a John Street comprises vacant restaurant let to Mr N Komeili for a term of 15 years from 27th July 2016 expiring 2031 on Fri terms with 3 yearly rent reviews. We are advised the current passing annual rent is £13,000. The premises are currently vacant and vacant passion may be available.

Asking Price
Offers in the region of £195,000 (one hundred and ninety-five thousand pounds) reflecting an attractive gross yield of 12.3% increasing to 12.8% in December 2023.

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

Viewing
Contact – Mario Jaconelli or Alexa Reavley
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• VAT
Figures quoted exclude VAT where chargeable.

Rateable Value (rv)
The Valuation Office has confirmed the Rateable Value is £9,800 (No. 18) & £9,400 (No.18a). The Uniform Business Rate for the Rates Year 2023/2024 is 49.9p. Under £51,000). 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.

Ref C4160 EPC Energy Rating 61/C