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1 bedroom property for sale

St Michael's Avenue

Sold by Us £85,000

Property Description

Key features

  • Mixed use investment for sale
  • Fully let to two tenants
  • Attractive NIY of 10.87%
  • Two shops and ground rent
  • EPC Ratings available on request
  • Freehold OIRO 85,000

Full description

SITUATION
The subject properties are located on St Michael’s Avenue in Whitley Bay. St Michael’s Avenue is one of the main roads leading to New Hartley and also joins The Avenue which links Seaton Delaval with Seaton Sluice. The properties are situated in a rural location but close to the coast and the property is in a predominantly residential location. The A19 is 3.7 miles from the properties and provides good access to the north and south. Newcastle upon Tyne city centre is 11 miles away.

DESCRIPTION
The premises comprise of two shop units held as an investment and a first floor flat which has been sold long leasehold and benefits from a ground rent. Further details available upon request.

ACCOMMODATION
12 -                     51.4m²                 (553.26ft²)
13 -                     33.8m²                 (363.82ft²)

TERMS
The property is available freehold for £85,000 which equates to a Net Initial Yield of 10.87% allowing for purchasers costs at 1.8%.

TENANCY INFORMATION
The retail tenants are as follows –

11 St Michaels Avenue is let to Mr Ian Bell on a long leasehold until 09/07/2031 at £10 per annum.

12 St Michaels Avenue is let to Happy Hounds Haircuts on an FRI lease until 07/01/2019 at £4,600 per annum.

13 St Michaels Avenue is let to Mr George Cripps on an FRI lease until 07/09/2011 at £4,800 per annum.

The units have a combined total rent figure of £9,410 per annum exclusive.

EPC RATINGS
11 Awaiting EPC Rating
12 G210
13 Awaiting EPC Rating

COSTS
The purchaser will be responsible for their own legal costs. In addition to the purchase price Northumberland County Council require a contribution of £2,500 plus VAT towards legal and surveyors fees.

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 exclusive of VAT.

VIEWING
For general enquiries and viewing arrangements please contact sole agents Bradley Hall Chartered Surveyors.


Listing History

Added on Rightmove:
22 June 2016

Map & Street View

Disclaimer - Property reference 8548. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Bradley Hall Chartered Surveyors, Gosforth. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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