Retail premises to let in St. Georges Terrace, Newcastle Upon Tyne NE2

Location

The property forms part of a well-established terrace of retail units on a prime retail pitch of Jesmond, at the junction with Acorn Road.

Within the same terrace as the subject property is a Starbucks café, and directly opposite is Tesco Express. Acorn Road has a broad range of retailers and links with Osborne Road. Other notable nearby retailers include Café Nero, Greggs, and Waitrose.

Osborne Road is the prime leisure destination in Jesmond and is home to multiple hotels, bars, and restaurants. There is a very dense student population in the area creating a strong consumer demand.

Description

The subject property comprises an attractive four storey, brick built building with retail on the ground floor and storage to the basement and upper floors.

The ground floor retail unit has a prominent glazed frontage and open plan sales areas.

Accommodation

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

Basement 71.3 m² 767 ft²
Ground Floor 88.3 m² 951 ft²
First Floor 50.8 m² 547 ft²
Second Floor 27.9 m² 300 ft²
Total 238.3 m² 2,565 ft²

EPC rating

D82

Rating assessment

The rateable value of the premises as at 1 April 2023 is £31,250 and the estimated rates payable for the current year is £15,593.75 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 property is available in whole or part by way of a new lease with terms to be agreed on the following basis:

Whole - £38,000 per annum
Ground Floor & Basement - £35,000 per annum
Upper Floors - £10,000 per annum

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.