Retail premises for sale in Market Street, Cramlington NE23

Location

The subject property is located on Market Street in Dudley. Dudley is a village in North Tyneside which is located 2.8 miles south of Cramlington, 2.6 miles north west of Killingworth and 6 miles north of Newcastle upon Tyne city centre. Market Street is the main road through the village and has a number of local occupiers including Dudley Pharmacy, Tanning Boutique, Milano Hair and Beauty and The Dudley Hotel.

The property is prominently located within 1 mile of the A19 and A189 and 2 miles from the A1(M).

Description

The subject property comprises of 2 ground floor retail units and a 2 bedroom first floor apartment, brickwork and stone frontage.

Unit 18 comprises a hairdressing salon with wash basins, storage cupboard, tea point and WC to the rear of the unit, suspended ceilings with LED lighting and laminate flooring. Both retail units benefit from having traditional shop frontages and roller shutters.

Unit 22 has been occupied by a butchers for the past 17 years, with a retail counter at the front of the shop and a commercial kitchen and WC to the rear, plastic cladded walls, vinyl floors and suspended ceilings with LED lighting.

The first floor comprises a 2 bedroom residential apartment benefitting from having gas central heating and double glazing with the entrance at the right hand side of the property.

Externally there is a gated garden to the rear which is used for parking.

Accommodation

We calculate the approximate net internal floor areas to be as follows:

18 Market Street 29.6m² 319ft²
22 Market Street 70.7m² 761ft²
22a Market Street (residential apartment) 69.0m² 743ft²
Total 169.3m² 1,822ft²

EPC rating

18 Market Street – D96
22 Market Street – C72
22a Market Street – D59

Tenancy information

Property Tenant Lease Terms Rent (Per annum)
18 Market Street Hairdressers 5 year lease £6,600
22 Market Street Butchers A new 5 lease to be agreed on completion. £9,000
22a Market Street Private Individual AST £5,940
Total £21,540

Terms

The freehold of the property is available with a guide price of £229,950 (Two Hundred and Twenty Nine Thousand and Fifty Pounds). A sale at this price reflects a Gross Initial Yield of 9%.

VAT

All rents, premiums and purchase prices quoted herein are exclusive of VAT. All offers are to be made to Bradley Hall upon this basis, and where silent, offers will be deemed net of VAT.

Legal costs

Each party is to bear their own legal costs involved in the transaction.

Anti-money laundering regulations

In accordance with the Anti-Money Laundering Regulations we are required to verify the identify of the Purchaser/Tenant. We will do so based on name and address data provided but we may also require you to provide two forms of identification. We will require the Purchaser/Tenant to provide proof of the source of income.