1 bedroom property for saleSt Michael's Avenue
Sold by Us £85,000
- 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
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.
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.
12 - 51.4m² (553.26ft²)
13 - 33.8m² (363.82ft²)
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%.
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.
11 Awaiting EPC Rating
13 Awaiting EPC Rating
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.
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.
For general enquiries and viewing arrangements please contact sole agents Bradley Hall Chartered Surveyors.
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