72-74 Marygate, Berwick-Upon-Tweed, Northumberland, TD15

Full Building
Prime Trading Location
Let to Holland & Barrett and New Look
Income Producing: £35,600p.a.x
Price: £425,000

Location

The property is prominently situated on the north side of Marygate, a prime retailing pitch, in the heart of the town centre. Nearby occupiers include B&M, Boots the Chemist, Caffè Nero, Costa, Greggs, WHSmith and Sports Direct.

Property

The property comprises a 2 storey commercial development of traditional construct surmounted by a pitched roof overlaid in ceramic tile with a large single storey extension under a flat roof.

Both properties benefit from large aluminium framed and glazed display windows with dual entrance doors.

Each property has been renovated in keeping with the tenants corporate specification with New Look occupying the entirety of the first floor.

Area

The properties extend to the following internal areas;

72 Marygate

Ground: 187.94sqm (2,023sq ft)
(Part 74)1st: 66.43sqm (715sq ft)

74 Marygate

Ground: 116.69sqm (1,256sq ft)

Total: 371.06sqm (3,994sq ft)

Executive Summary

The properties are held on full repairing and insuring head leases on the following terms:

72/74 Marygate

Tenant: New Look Retailers Limited
Expiry: 13th September 2028
Passing Rent: £20,000p.a.x
Tenant Break: 14th September 2026
Further: New Look Retailers Ltd were incorporated in 1982 and now trade from over 364 stores across the U.K

74 Marygate

Tenant: Holland And Barrett Retail Limited
Expiry: 23rd June 2026
Passing Rent: £15,600p.a.x
Further: for the year end 30th September 2022, H&B reported a net worth of £246,602,000

Price

The property is available on a freehold basis for £425,000

V.A.T.

The property has been elected for V.A.T. as such the transaction may be treated as a T.O.G.C (transfer of a going concern)

Legal

Each party shall bear their own legal costs incurred in the transaction

Lease & Title

Available on request

Viewing

Whilst it is a good idea to visit a property investment that is being marketed for sale as a customer before making a formal viewing, it is vitally important that such visits are carried out confidentially and that no approach is made to the staff, operators or customers of the business.
Many investments are being marketed confidentially and the staff and locals may not know that the property is on the market, therefore a casual approach can adversely affect the business