5/5a High Street, Redcar, North Yorkshire, TS10

LOCATION

The property is located within the seaside town of Redcar, 7.5 miles north east of Middlesbrough, 20 miles north west of Whitby and 7.5 miles south east of Hartlepool.

Redcar is a well-established retail centre accommodating local, regional and national occupiers including Costa, Vodafone, B&M and Greggs. The subject property occupies a prime trading position on the pedestrianised section of the High Street and is positioned between Charles Clinkard and Coral, opposite Halifax and Cancer Research.

The seafront and esplanade area, approximately 100m north, have undergone significant regeneration in recent years including development of the Redcar Beacon, cinema complex and extensive landscaping.

DESCRIPTION

The property comprises an attractive, three storey, mid terraced building arranged to provide a banking hall and separate office accommodation.

5 High Street is let to NatWest Bank and arranged to provide a ground floor banking hall with offices and staff accommodation.

The unit benefits from a well presented corporate fitout and therefore includes suspended ceilings with ceiling mounted air conditioning units and carpeted flooring.

5a High Street, known as Coatham House, is arranged to provide office and staff accommodation over three floors with separate access from West Terrace Back Street

Externally the property provides parking for 4 / 5 vehicles to the rear.

ACCOMMODATION

5 High Street

Ground Floor
Sales 155.40 sq m (1,673 sq ft)
Office 43.50 sq m ( 468 sq ft)
Storage 50.10 sq m ( 539 sq ft)
WC

5a High Street

First Floor
Offices 97.20 sq m (1,046 sq ft)
WC

Second Floor
Offices 108.80 sq m (1,171 sq ft)

5 & 5a High Street

Total 455.00 sq m (4,897 sq ft)

TENURE

The premises are fully let on the following basis:

5 High Street - Let to National Westminster Bank PLC by way of a 10 year, effectively full repairing and insuring lease from 10th February 2019 at a rent of £45,000 per annum.

5a High Street - Let to Coatham House Enterprise Limited by way of 20 year, effectively full repairing and insuring lease, from 01 October 2004 at a rent of £7,750 per annum.

The property has a total income of £52,750. and full lease details are available on request.

PROPOSED TERMS

The freehold interest is available to purchase at an asking price of £450,000.

RATING ASSESSMENT

The property has the following Rateable Values:

5 High Street - £17,500
5a High Street - £11,500

Interested parties should contact Redcar & Cleveland Council for the exact rates payable.

LEGAL COSTS

Each party is responsible for their own legal costs.

VAT

We are advised that the property is not elected for VAT and no VAT will apply to the purchase price.

VIEWING

All viewings are strictly by prior appointment.

Contact:

Jack Robinson

Tel:

Email: