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Retail Property (out of town) to rent

Village & Forum, Intu Metrocentre, Newcastle Upon Tyne, NE11

£22,500 pa (£1,875 pcm)
230 sq. ft.

Property Description

Commercial information

  • 230 sq ft (21 sq m)
  • Use class orders: A1 Shops

Key features

  • The Metrocentre is the principal regional shopping centre
  • Largest covered shopping and leisure complex in Europe
  • Providing in excess of 1.8M sq ft of retail and leisure space in 345 shop units
  • Over 9,250 free car parking spaces
  • 22m people visit the scheme annually
  • Unit sizes range from 230 sq ft up to 1,440 sq ft
  • Rents are affordable
  • Leases have in built flexibility

Full description

Location:

The Metrocentre is the principal regional shopping centre in the North of England and the largest covered shopping
and leisure complex in Europe, providing in excess of 1.8M sq ft of retail and leisure space in 345 shop units with over
9,250 free car parking spaces. 22m people visit the scheme annually.The Scheme is anchored by Marks & Spencer,
Debenhams, House of Fraser and Odeon IMAX Cinema, with other retailers including Primark, Zara, Apple and Next.

The Concept:

The VILLAGE/FORUM area has been created to encourage start up, niche and local retail businesses to trade within Metrocentre. The owners of the scheme are keen to encourage a rich cross section of retail and service offers represented in this area. Costa and Petit Delice provide casual dining and coffee pit stop/meeting places to extend the dwell time in this part of the scheme. Rents are affordable and leases have in built flexibility to minimize risk – a very important factor in the decision making process, particularly for small or fledgling retail businesses.

Situation:

The VILLAGE/FORUM is situated on the upper level of the scheme and links Green Mall (Marks & Spencer, Top
Shop) with Blue Mall (TK Maxx, Vision Express, Blue Car Park and the Public Transport Interchange). A plan is attached for ease of identification.

Accommodation:

Unit sizes range from 230 sq ft up to 1,440 sq ft. Please contact the agents for the up to date position with regard
to available units and to be included on the mailing list for future availability within this section of the scheme.

Lease Terms:

All units within the VILLAGE/FORUM are let on a flexible Short Form Lease. This lease is a simple short document which is drafted incorporating the following principles:-

• 5 year term without any breaks in the first 12 months.
• After the first year, both the landlord and the tenant have the ability to break the lease with one month’s notice.
• Rent quoted includes service charge but not Business Rates payable.
• Tenant pays the rent, plus Rates, plus utility bills.
• Minor shop fit works, subject to landlord approval.
• No ability to sublet or assign.
• Annual rent uplift geared to the rise in the Retail Price Index.
• Lease excluded from Landlord and Tenant Act provisions relation to security of tenure and compensation.

Rateable Value:

The Rateable Value will vary according to size and location of the unit. Smaller units may qualify for Small Business Rate Relief and a consequent reduction in Rates Payable. Further details will be available from Gateshead Council
Business Rates section, (0191 433 3000).


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