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Commercial Property for sale

57-59 Bondgate Within, Alnwick, Northumberland

Guide Price £249,500

Property Description

Full description

Prime Investment Opportunity
•Two Adjoining Retail Premises with Ancillary to Upper Floor
•Prominent Location within Popular Market Town •Fully Occupied By Well Established Businesses •Passing Rent £19,800 per annum •Future Rental Growth Opportunities

The Area
Alnwick is a historic and affluent market town set within Northumberland. It is approximately 36 miles north of Newcastle Upon Tyne and easily accessed via the A1. Alnmouth train station is located 4 miles to the south-east.

The town is popular with both visitors and locals. Tourist attractions include Alnwick Castle, The Alnwick Garden, Alnwick Playhouse, Barter Books and Bailiffgate Museum. Alnwick Market Day takes place every Friday and Saturday.

The Premises is situated in a prominent position on Bondgate Within; the town’s main high street which offers a wide range of retail and leisure amenities. Nearby occupiers include Boots, Dorothy Perkins and Greggs.

The Property
Schedule of Accommodation

Unit 57 32 m²
Unit 57 upper 51 m²
Unit 59 59 m²

Occupational Tenancy
The current income is £19,250/annum and this rises to £19.800/annum through fixed increases in the 2 leases. The yield on the current rent is 7.72% and the reversionary yield is 7.94%. Full details of the leases are as follows:

Unit 57/57A is fully let to Simply Flowers. A new FRI lease was entered into for a term of 10 years on 1 April 2015. This generates a passing rent of £11,250/annum rising to £11,500/annum on 1 April 2019. The lease is subject to an upward only rent review and a tenant only break on 31 March 2020.

Unit 59 is fully let to The Beauty Box. A new FRI lease was entered into for a term of 9 years from 1 May 2018. This generates a passing rent of £8,000/annum rising to £8,150/annum on 1 November 2019 and £8,300/annum on
1 November 2020. The lease is subject to 3 yearly upward only rent reviews due on 1 May 2021 and 1 May 2024.

The Property is of freehold possession under Title Number ND62653.

Property ref: 121_1599_4660294

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