Marketed by
Naylors Gavin Black
Newcastle upon Tyne
Higham Pl, Newcastle upon Tyne NE1 8AF, UK
Available
1 of 8
Guide Price
£425,000
5 Cattle Market, Hexham, Northumberland North, NE46 1NU
4494 sq. ft (417.51 m²)
Key features
- Freehold
- Ground floor retail space let to Specsavers Optical Superstores Limited
- 9.5 years to expiry (4.5 years to break) on Specsavers lease
- Low passing rent of £30,000 per annum
- Additional income of £3,500 from neighbouring occupier to allow uninterrupted fire escape egress onto car park
- Opportunity to capture significant reversion through letting of the refurbished upper offices (ERV £23,520 pa)
- Seeking offers over £425,000 exclusive of VAT
- This level shows a net initial yield of 9.50% after costs on the Specsavers and licence income when allocating a low £36psf capital value to the upper offices
- Potential to capture reversion to over 12.5% upon letting the upper offices
Description
The property comprises a mid-terraced three storey building with brick elevations under a dual-pitched tiled roof.
The ground floor retail space is fully utilised by Specsavers and incorporates retail area, stores and staff amenity areas.
The two upper floors consist of vacant office space which have been divided into a number of individual suites and could therefore be utilised by either a single or multiple tenants.
The offices have been recently refurbished by the landlord with specification including LED lighting, electric heating, carpeting and kitchen/WC facilities.
To the rear of the property, with access from Eastgate, there are 4 car parking spaces which are allocated to Specsavers.
The ground floor retail space is fully utilised by Specsavers and incorporates retail area, stores and staff amenity areas.
The two upper floors consist of vacant office space which have been divided into a number of individual suites and could therefore be utilised by either a single or multiple tenants.
The offices have been recently refurbished by the landlord with specification including LED lighting, electric heating, carpeting and kitchen/WC facilities.
To the rear of the property, with access from Eastgate, there are 4 car parking spaces which are allocated to Specsavers.
Reference: 3365_sales
Download Sales Details
Marketed by
Naylors Gavin Black
Newcastle upon Tyne
Higham Pl, Newcastle upon Tyne NE1 8AF, UK
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