Key features
- Mixed use investment opportunity
- Total size of 250.1m² (2,692ft²)
- Awaiting EPC Ratings
- Popular city centre location
- 5 retail units and 1 flat
- Let to multiple occupiers at £62,750 per annum
- NIY of 8.51%
- Car parking within 0.1 mile
- 0.3 miles from Central Train and Metro Station
- 0.4 miles from Monument Metro Station
Description
LOCATION
The subject properties are located with prominent frontage onto Stowell Street and Jacobins Chare in Newcastle city centre. Jacobins Chare is located between Stowell Street and Dispensary Lane. Stowell Street is the main commercial thoroughfare within China Town and is within close proximity to St James Park Football Stadium, Eldon Square and The Gate. Surrounding occupiers include local restaurants and businesses including King Neptune, Red Diner, Aspers Casino and Sky Chinese Cuisine.
DESCRIPTION
The subject comprises a mid terrace, two storey property with 5 ground floor retail units and a 2 bedroom flat to the first floor.
ACCOMMODATION
27 Stowell Street |
40.4m² |
435ft² |
29 Stowell Street | 24.6m² | 265ft² |
33 Stowell Street |
67.0m² |
721ft² |
35 Stowell Street |
45.2m² |
487ft² |
37 Stowell Street | 38.5m² | 414ft² |
1 Jacobins Chare |
34.4m² |
370ft² |
Total |
250.1m² |
2,692ft² |
TENANCY INFORMATION
The properties are currently let to private individuals as below:
Property |
Tenant |
Commencement Date |
Term |
Rent – Per annum |
3a/27 Stowell St (1 Jacobins Chare) |
Private individual |
1st May 2008 |
27 years |
£12,000 |
1/27 Stowell St |
Private individual |
1st July 2010 |
6 years |
£10,000 |
29 Stowell St |
Private individual |
28th March 2013 |
15 years |
£7,000 |
33 Stowell St |
Private individual |
July 2022 |
12 months |
£9,000 |
35 Stowell St |
Private individual |
24th April 2013 |
15 years |
£13,000 |
37 Stowell St |
Private individual |
1st October 2012 |
15 years |
£11,750 |
Total |
|
|
|
£62,750
|
RATING ASSESSMENTS
The rateable value of the premises as at 1 April 2023 is as below and the estimated rates payable for the current year 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.
Property |
Rateable Value |
Estimated Rates Payable |
1 Jacobins Chare |
£6,400 |
£3,193.60 |
27 Stowell Street |
£8,400 |
£4,191.60 |
29 Stowell Street |
£4,400 |
£2,195.60 |
35 Stowell Street |
£8,200 |
£4,091.80 |
37 Stowell Street |
£7,900 |
£3,942.10 |
EPC RATING
Awaiting EPC Ratings.
TERMS
The freehold of the property is available with a guide price of £700,000 (Seven Hundred Thousand Pounds). This equates to a net initial yield of 8.51% assuming purchaser’s costs at 5.3%
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 the Purchaser/Tenant will be required to provide two forms of identification and proof of the source of income.
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