Retail premises to let in Grainger Street, Newcastle Upon Tyne NE1

Location

The property is situated on Grainger Street, a popular destination and located in the Grainger Quarter of Newcastle, the main thoroughfare linking Newcastle Central Station and the prime retailing and business areas of both Northumberland Street and Grey Street. Other occupiers in the immediate vicinity include YoYo Noodle, Greggs, Cuban Cigar Club, Yates’s Bar as well as a number of office users and drinking establishments.

The property is also close to the new Newgate Street Shopping Centre (under redevelopment) which will comprise a £100m mixed-use scheme being developed on the site of the former Newgate Street shopping centre. The buildings have been demolished to make way for a 265-bed 4*hotel, with around 20,000 sq ft space for retail, restaurant and leisure uses on the basement and ground floor, with 575 student residences over 9 floors.

Accommodation

The property includes the following gross internal areas:

Ground Floor 172.24 sq m / 1,854 sq ft
Basement 114.08 sq m / 1,228 sq ft
Total 286.32 sq m ./ 3,082 sq ft

Terms

The premises are available by way of a new effectively full repairing and insuring lease at a rent of £39,000 per annum (exclusive). All other terms are to be agreed by negotiation

Rating assessment

The rating assessment currently appearing on the Valuation List is as follows:

2023 £29,000

The Small Business Rate for the year 20242025 is 49.9 pence in the pound.

Anti-money laundering

In accordance with anti-money laundering regulations, two forms of identification and confirmation of the source of funding will be required from the successful tenant.

Legal costs

Each party to bear their own legal costs incurred in the transaction.

Energy performance

An Energy Performance Certificate has been commissioned and will be available shortly.

VAT

All figures are exclusive of VAT where chargeable.