Retail premises for sale in Laburnum Terrace, Ashington NE63

Location

The subject property is located on Laburnum Terrace in Ashington. Laburnum Terrace is situated in a mixed use location, approximately 0.5 miles from Ashington town centre and is surrounded by housing estates as well as local and national retailers and amenities including Co-op Food, Sweet ‘n’ Savoury, Betty Bakes and Cakes, Seaton Park Medical Group and Ocean Treasure.

The property is accessible by public transport with bus routes servicing Milburn Road, providing direct access to Morpeth, Bedlington, Blyth and Newcastle upon Tyne city centre. The property is also accessible by road with the A196 just 0.4 miles away and the A189 is 1.5 miles away.

Description

The subject property comprises a mixed use, mid-terrace building which is arranged over ground and first floor. The ground floor provides retail accommodation with kitchen and WC facilities. The upper floor comprise a two bedroom flat with living area/kitchen and bathroom. The property is supplied with gas central heating.

Accommodation

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

Commercial Unit 66.38 m² 715 ft²
Flat 44.04 m² 474 ft²
Total 110.42 m² 1,189 ft²

EPC rating

Commercial Unit - D76
Flat - E54

Tenancy

The commercial unit tenant signed a new 10-year lease in December 2019 and achieves £12,000 per annum. There are 5 years and 6 months unexpired. The flat is currently let and achieves £6,000 per annum. Therefore, the total rental income is £18,000 per annum.

Rating assessment

The rateable value of the commercial premises as at 1 April 2023 is £7,800 and the estimated rates payable for the current year is £3,892.20. This is based on the standard Small Business Rate of 49.9p in the pound, however, interested parties should confirm the current position with the Local Authority.

Terms

The freehold of the property is available with offers in the region of £199,000 (One Hundred and Ninety-Nine Thousand Pounds).