£185,000
Property for saleThe Close, Quayside, Newcastle Upon Tyne, Tyne And Wear NE1
Freehold
About this property
Investment opportunity.
Quayside location.
Passing rent of £18,150 per annum.
Price: £185,000
Investment opportunity. Quayside location. Passing rent of £18,150 per annum. Price: £185,000
The property comprises a ground floor property within a seven-storey building. The upper floors are in residential use. The building is modern and benefits from a fully glazed frontage.
Internally, it is a mix of open plan and cellular accommodation, with carpeted floor, suspended ceiling with integral lighting and heating/air conditioning. It also benefits from its own integral w.c.’s which are of a high standard and a small kitchenette as well as an intruder alarm and fire alarm.
Whilst there is no dedicated car parking, we understand that contract and visitor parking is available within the Copthorne Hotel car park opposite the subject property and at the multi-storey car park on nearby Forth Banks.
Accommodation
We have calculated the net internal area of the property as extending to 127.80 sq m (1,376 sq ft).
Services
Terms
Rates
The property is entered into the 2023 Rating List as follows:
Description Showroom and premises
Rateable value £18,000
VAT
Legal Costs
Service Charge
Viewing
Strictly by appointment with sole agents YoungsRPS, contact Paul Fairlamb on .
Parking
Planning
Property
Tenure
The property is held by way of a long leasehold interest of 999 years beginning on 16 November 2017 at a peppercorn rent.
Tenancy
The property is let by way of a 10-year internal repairing and insuring (iri) lease from 14 June 2021, expiring 13 June 2031. The lease has been contracted outside the Landlord and Tenant Act 1954. There are upward rent reviews on the third anniversary of the term and each of the three years thereafter in line with the rise in the Retail Price Index. There are also tenant break options every 3 years.
The rent is to be increased on the review date of 14th June 2024 to £18,150 per annum. The rent is also due to rise to £19,058 in June 2025 and £20,010 per annum from June 2026.
The current tenant operates a successful photography business and has occupied the property since March 2018.
Price
Our client’s long leasehold interest in the property, subject to the existing tenancy is available at £185,000. A sale at the asking price (truncated)
The property comprises a ground floor property within a seven-storey building. The upper floors are in residential use. The building is modern and benefits from a fully glazed frontage.
Internally, it is a mix of open plan and cellular accommodation, with carpeted floor, suspended ceiling with integral lighting and heating/air conditioning. It also benefits from its own integral w.c.’s which are of a high standard and a small kitchenette as well as an intruder alarm and fire alarm.
Whilst there is no dedicated car parking, we understand that contract and visitor parking is available within the Copthorne Hotel car park opposite the subject property and at the multi-storey car park on nearby Forth Banks.
Accommodation
We have calculated the net internal area of the property as extending to 127.80 sq m (1,376 sq ft).
Services
Terms
Rates
The property is entered into the 2023 Rating List as follows:
Description Showroom and premises
Rateable value £18,000
VAT
Legal Costs
Service Charge
Viewing
Strictly by appointment with sole agents YoungsRPS, contact Paul Fairlamb on .
Parking
Planning
Property
Tenure
The property is held by way of a long leasehold interest of 999 years beginning on 16 November 2017 at a peppercorn rent.
Tenancy
The property is let by way of a 10-year internal repairing and insuring (iri) lease from 14 June 2021, expiring 13 June 2031. The lease has been contracted outside the Landlord and Tenant Act 1954. There are upward rent reviews on the third anniversary of the term and each of the three years thereafter in line with the rise in the Retail Price Index. There are also tenant break options every 3 years.
The rent is to be increased on the review date of 14th June 2024 to £18,150 per annum. The rent is also due to rise to £19,058 in June 2025 and £20,010 per annum from June 2026.
The current tenant operates a successful photography business and has occupied the property since March 2018.
Price
Our client’s long leasehold interest in the property, subject to the existing tenancy is available at £185,000. A sale at the asking price (truncated)
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