Retail Property (high street) for sale

Retail Investment Opportunity, 16 Park Lane, Sunderland, SR1 3NX

£500,000

Property Description

Commercial information

  • Business for sale

Key features

  • Freehold retail investment opportunity
  • Property let to Coral Estates Ltd.
  • 56,953 per annum (57.72 per sq ft)
  • 15 year lease from 2006 (3 years unexpired)
  • Gross yield 8.78%
  • Energy Rating C
  • Christie & Co Ref: 6410969

Full description

Tenure: Freehold

Description

A two storey brick corner property comprising ground and first floor, let to Coral Bookmakers. To the first floor there is office and storage space, which has possible alternative use, subject to obtaining the relevant planning permission.

Location

The property is situated on Park Lane in the centre of Sunderland. The area is heavily retail orientated with The Bridges Shopping Centre nearby and several other blue chip operators within the local vicinity. Neighbouring retailers include TK Maxx, Paddy Power and Boots Pharmacy. Sunderland city centre is accessible by Metro, bus and by car, Sunderland Metro station is a five minute walk from the property.

Tenant Information

Coral Estates Limited is a subsidiary company of Ladbrokes Coral Plc which floated on the London Stock Exchange until being acquired by GVC Holidings Plc in March 2018. Coral Estates Ltd.'s turnover for year ending 2016 was £24,238,000 with net profit in the region of £5,718,000.

The Opportunity

• Let to Coral Estates Ltd. (Ladbrokes Coral Plc) on a 15 year lease from October 2006 (the current lease expires in October 2021)
• Passing rent of £56,954 per annum (£57.72 per sq ft overall)
• Fully repairing and insuring lease
• Lease commencement date 20th October 2006
• Five yearly reviews linked to the Retail Price Index. Including tenant only break clause at each review
• Good rental and capital growth prospects


More information from this agent

Nearest stations

  • Park Lane (0.2 mi)
  • Sunderland (0.2 mi)
  • University (0.5 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Christie & Co , Newcastle Upon Tyne

Shakespeare House 18 Shakespeare Street, Newcastle Upon Tyne, NE1 6AQ

0191 687 0826 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Park Lane (0.2 mi)
  • Sunderland (0.2 mi)
  • University (0.5 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Christie & Co , Newcastle Upon Tyne

Shakespeare House 18 Shakespeare Street, Newcastle Upon Tyne, NE1 6AQ

0191 687 0826 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Disclaimer - Property reference 6410969-fh. 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 Christie & Co , Newcastle Upon Tyne. 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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