Commercial property for sale in Units 1-5 Spout Lane, Washington NE37

Investment Summary
• Prominent location in Washington town centre
• Substantial car park immediately opposite the building serving the town centre.
• Strong tenant mix including gym, car parts, barbers, carpet shop, florist and beauty salon
• Long term tenants gym, car parts and barbers having been in occupation for over 20 years
• Total passing rent of £54,650 per annum
• High yielding and diversified income
• Several opportunities to add value through proactive asset management
• Total floor area of 14,998 sq ft
• Freehold

Location

Washington is a town within the city of Sunderland District with a strong population and a strategic location. Washington has experienced recent population growth with a current resident population of over 60,000 and a catchment area exceeding 98,000 within a 10-minute drive. Washington strategic position nearly equally distant from Durham (11 miles south) Sunderland (7 miles east) and Newcastle upon Tyne (10 miles north). The town offers excellent accessibility for businesses and residents alike.

Washington is well connected by a strong road network. The A182 and A1231 conveniently run along the towns northern and western boarders respectively. The A182 connects eastward to Sunderland while the A1231 links northward to Newcastle. Both roads provide seamless access to the A1(M) motorway directly west of the town ensuring travel to Newcastle and the north Durham in the south and the wider national motorway network.

Situation

The property is situated on Spout Lane immediately adjacent to the towns main retailing pitch on Victoria Road and Front Street. The building sits on a prominent section of Spout Lane which meets Victoria Road to the north and the A1290 to the south, immediately opposite Speculation Place car park, providing ample public car parking and easy access to the town centre.

Description

The property comprises an unbroken block of commercial property split up into six distinct units most of which have been longstanding tenants. The property is an old Co-op building constructed in the early 1900s with brick elevations with stone detailing.

Accommodation

The property has not been inspected. Floor areas have been provided by the vendor.

Unit
Description
Floor
Sq ft

Upper Floors
Gym
First & Second
4,243

Unit 1
Auto Car Parts
Ground
2,081

Unit 2
Barbers
Ground
375

Unit 3/4
Beauty Salon
Ground
2,228

Unit 5
Carpet Retail
Ground
4,941

Annexe at rear
Florist
Ground
1,130

Total

14,998

Tenancy Schedule

Description
Tenant
Rent Per Annum
Start
End
Rent Review
Break

First Floor
lds Leisure Gym
11,000.00
02/12/07
01/12/17

Unit 1
G&W Murray Auto Car Parts
8,000.00
01/09/18
31/08/23

Unit 2
Private Individual Barbers
4,750.00
01/09/18
31/08/23
01/10/25
01/10/25

Unit 3/4
Private Individual Tanning Beauty Salon
10,000.00
01/02/20
29/08/27

Unit 5
Private Individual Carpet Shop
13,500.00
01/04/15
31/03/20

Annual breaks with 3 months notice

Annex R/O
Private Individual Florist
7,400.00,
02/12/22
01/12/25

Offers are sought in excess of £500,000 (Five Hundred Thousand Pounds) subject to contact and exclusive of VAT.
A purchase at this level reflects a net initial yield of 10.44% assuming standard purchasers’ costs of 4.70% and a very low capital value of only £33.34 psf