From
£995,000
(£354.34/sq. ft)
Restaurant for sale37-39 St Georges Terrace, 37-39 St Georges Terrace, Jesmond, Newcastle Upon Tyne, Newcastle Upon Tyne NE2
2,808 sq. ft
About this property
Prime retail investment in popular Newcastle suburb
Jesmond has established itself as the heartbeat of Newcastle’s suburbs favoured among students and young professionals
The area boasts the largest student population outside the city with approximately 35% of the Jesmond population being students
St Georges Terrace is situated within Jesmond’s prime retail zone
Surrounding occupiers include Waitrose and Tesco
The property comprises a ground floor retail unit with first & second floor retail accommodation and forms part of a three-storey building of traditional brick construction under a partially flat pitched roof
Total floor area of 2,808 sq ft
Let to Starbucks Coffee Company (UK) Limited & Marrime Limited
Starbucks – 10-year lease (plus 4-year reversion) from September 2015, expiring September 2029. Marrime – 10-year lease from July 2023, expiring July 2033
Current passing rent of £75,332 per annum
Freehold
Property Description
The property comprises a three-storey building of traditional brick construction under a pitched roof.
The ground floor benefits from a glazed frontage beneath Starbucks commercial signage/ branding.
Starbucks occupy the entire ground floor providing a large sales area with a barista station, kiosk and customer seating. To the rear, there is W/C and ancillary storage. The first and second floors are occupied by Marrime a luxury wedding dress retailer who have their own entrance located on the front façade of the property and a car parking bay at the side of the property.
Tenancy Summary
The property is let to Starbucks Coffee Company (UK) Limited on a 10-year internal repairing and insuring lease from 14 September 2015 until 13 September 2029 at a rent of £51,332 per annum
Marrime Limited occupy the upper floors on a 10-year internal repairing and insuring lease from 6 July 2023, expiring 5 July 2033 at a rent of £24,000 per annum
The combined total passing rent is £75,332 per annum.
The businesses do not form part of the sale and will remain unaffected by the proposed sale of the property. Further information including leases, title documents and EPC is available upon request.
EPC
The property has an Energy Performance Certificate rating of B47.
VAT
All figures quoted are exclusive of VAT, where applicable.
Legal Costs
Each party is to be responsible for its own legal costs incurred in connection with the transaction.
Location
St George’s Terrace is ideally located within Jesmond, providing excellent public transport connectivity and convenient access to Newcastle city centre.
West Jesmond Metro Station is approximately a three-minute walk from the property, providing direct access to Newcastle Central Station and the wider Tyne and Wear Metro network.
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