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Property for sale

37 Waterloo Road

£295,000

Property Description

Key features

  • Prime retail investment for sale
  • New lease agreed to Bank of Scotland Plc T/a Halifax
  • Passing rent of 23,000 per annum
  • Blyth town centre location
  • Total size of 238.40m (2,561 ft)
  • Offers over 295,000

Full description

SITUATIONBlyth is a town on the north east coast, in south east Northumberland and south of the River Blyth. It is approximately 13miles north east of Newcastle upon Tyne.The main approach road to Blyth is the A189 "spine road" which is accessible from the A1 via the A19. The A193 is the main road through Blyth and leads to Bedlington to the west and North Tyneside to the south. The other main route into Blyth is the A1061. Blyth bus station is located in Post Office Square in the town centre. Buses in Blyth are operated by Arriva Northumbria and there are regular services to Newcastle as well as the other main towns in the south of Northumberland and the surrounding areas of Blyth. A small number of services are operated by Go North East.The property is prominently situated on Waterloo Road which is one of the main retail streets in Blyth, as it leads onto the Market Place. The property is in near proximity to the Keel Row Shopping Centre which was opened in 1991 whilst the street is home to a strong mix of local and national retail operators. Neighbouring occupiers include Boots, Lloyds Bank and Bairstow Eves.DESCRIPTIONThe property is an attractive, period building, utilised as a bank, with accommodation arranged over 3 floors. The building is of solid brick construction beneath a flat roof.NET INTERNAL AREA 238.40m² (2,561 ft²)TENANCY INFORMATION A new lease has been agreed with the Bank of Scotland Plc t/a as Halifax, on a new lease from 18/07/2016 until 18/07/2026 at a gross rent of £19,500 per annum exclusive. The passing rent is £23,000 pax and they have been in occupation since July 2001.There will be an upwards only rent review in 2021.A 9 month rent free period has been agreed from 18 July 2016. The vendor will top-up the rent on completion.The property is let on full repairing and insuring terms.Website Address: www.halifax.co.ukPROPOSAL The property is available for sale with offers invited over £295,000 (Two Hundred and Ninety Five Thousand Pounds). £295,000 reflects a Net Initial Yield of 6.25% when allowing for purchasers costs at 5.8%.LEGAL COSTSEach party is to bear their own legal costs involved in the transaction.VATAll 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.EPCAn EPC has been commissioned and will be available to all prospective purchasers in due course.RATING ASSESSMENTWe understand that the rating assessments on the premises as at 1 April 2010 is as follows, although we would advise that some of the assessments may have been the subject of appeals and any interested party should confirm the current position with the Local Authority.Description Bank & Premises RV £21,500VIEWINGFor general enquiries and viewing arrangements please contact sole agents Bradley Hall Chartered Surveyors.Please contact:Richard Rafique or Kristian SorensenTel: 0191 232 8080Email: richard.rafique@bradleyhall.co.ukEmail: kristian.sorensen@bradleyhall.co.uk


Listing History

Added on Rightmove:
11 March 2016

Map & Street View

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