Retail premises for sale

High Street East, Wallsend NE28

Situation


The subject property is located within central Wallsend within the town centre and fronts directly onto High Street East, the principle High Street in the town. Wallsend is a suburb of Newcastle upon Tyne, with Newcastle City Centre being around 4 miles to the west and is closely located to transport facilities in the form of bus and metro services linking the greater north east area. High Street East sees an annual average daily flow of 13,621 vehicles.
Description


The property consists of a block of mixed-use space containing of 4 commercial (retail) units as well as 4 self-contained 1 bed flats. The property is two stories and faces onto High Street East, with access to the residential and loading facilities to the rear just off Woodbine Avenue & Laburnum Avenue.

The building is of brick construction with a pitched slate roof and has been under the same ownership since 1907. In 2019 part of the first floor was converted into the 4 x 1 bed apartments which have been tenanted ever since, with two commercial tenants longstanding within the building on renewal leases.
Accomodation


19 High Street East (Cash Converters)
Ground Floor Retail 1,434 ft2
First Floor Ancillary 990 ft2
Second Floor/Attic 365 ft2
21/23 High Street East (Moore Funeral
Services)
Ground Floor Retail 1,191 ft2
First Floor Ancillary 790 ft2
First Floor Ancillary 790 ft2
25 High Street East (Vacant)
Ground Floor Retail 1,041 ft2
Rear Yard 312 ft2
31 High Street East (DC Hair Studios)
Ground Floor Retail 1,131 ft2

Flats 1-4 Eltringham House, Rear of 25 – 29 High Street East (First Floor) Not Measured
Tenancy shedule


Demise Tenant Annual
Rent Term Expiry Repair Review & Break

19 High Street East Daemma Trading
Limited T/A Cash
Converters £13,000 pax 5 Year
Renewal
Lease 14.2.26 eFRI via Ad
Hoc Service
Charge N/A

21/23 High Street East Moore Funeral Services
Limited £14,000 pax 5 Year
Renewal
Lease 6.7.27 eFRI via Ad
Hoc Service
Charge N/A

25 High Street East Vacant £14,500 Estimated Market Rent

31 High Street East DC Hair Studios T/A The
Philanthropist £12,000 pax 10 Years 1.11.29 eFRI via Ad
Hoc Service
Charge Review – omuo review
1.11.24Break Option – 1.11.24
(Notice Period has
Lapsed)

Flat 1 (1 Bed) Private Individual £6,900 pa 12 Month
AST

Flat 2 (1 Bed) Private Individual £6,900 pa 12 Month
AST

Flat 3 (1 Bed) Private Individual £6,900 pa 12 Month
AST

Flat 4 (1 Bed) Private Individual £6,900 pa 12 Month
AST

Total Passing Rent £66,600 pa
Estimated Rent with Last Void Let £81,100 pa
Service charge


The commercial aspect is serviced via an ad-hoc service charge based on proportionate floor areas. There have been no charges in recent years.
VAT


The property is not elected for VAT.
Energy performance certificates


Available upon request.
Costs


Each party is to be responsible for their own legal and professional costs incurred with this transaction.
Proposal


We are instructed to seek offers in the region of £825,000 reflecting a blended yield of 9.25% and assuming usual purchasers’ costs of 5.53 %.
Viewing


For enquiries, viewing, and general information, please contact:

Oliver Sunderland
E:
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