Retail premises for sale in Mixed Retail / Residential Investment, 83-85, Borough Road, Middlesbrough TS1

Middlesbrough is the economic and administrative centre for the Teesside conurbation, situated approximately 10 miles east of Darlington, 60 miles north east of Leeds and 40 miles south of Newcastle. Middlesbrough has good road and rail communications, with the A66 dual carriageway linking to the region’s principal north/south arterial routes, the A19 and A1(M).

Borough Road is one of the primary thoroughfares in Middlesbrough and an established retail and leisure pitch in the town centre. The subject property is situated close to the corner of Borough Road and University Boulevard, leading directly into Teesside University. 0.2 miles to the north is the Cleveland Centre, Holiday Inn Express and Middlesbrough Institute of Modern Art. Occupiers in the immediate vicinity of the subject include; Richer Sounds, Devil’s Advocate Micro Bar, Teesside University International Study Centre and Askews Solicitors.

The property comprises two ground floor retail units with six apartments to the first and second floors. The apartments have their own separate access from Albert Road to the rear. The apartments comprise of three x one
bedroom, two x two bedroom and one x four bedroom. Each apartment has a fitted kitchen, living /dining area and bathroom.

Investment summary

• Mixed-use investment in Middlesbrough town centre.
• Prominently located on Borough Road and the
• entrance to Teesside University.
• Middlesbrough and the wider Teesside area
• undergoing transformational levels of investment and development.
• £275 million being invested into the University providing modern and vibrant facilities to enhance the student experience.
• 2 ground floor retail units with 6 apartments comprising 11 beds.
• Excellent occupational history.
• Current gross income of £58,882 and a Net Operating Income of £49,032 per annum.
• Offers in the region of £430,000 (Four Hundred and Thirty Thousand Pounds) exclusive of VAT, reflecting an attractive Gross Yield of 14.23% and a Net Initial Yield of 11.29% after purchaser’s costs of 4.26%.

Accommodation:
Shop - Barbers: 473.00 sqft
Shop - Go Local: 915.00 sqft
Flat 1: 495.00 sqft
Flat 1a: 330.00 sqft
Flat 2: 388.00 sqft
Flat 3: 1,054.00 sqft
Flat 4: 527.00 sqft
Flat 5: 430.00 sqft
Total: 4,612.00 sqft