58 Norham Terrace, Jarrow, South Tyneside

Freehold Convenience Store Investment Let to Morrisons Daily. Secure national covenant through major supermarket operator. Rental income £20,000 per annum. Net internal area 227.46 sq. m. (2,448 sq. ft.). 10-year lease from 3rd November 2023. Gross yield of 7.14 % on the purchase price. Established residential area within South Tyneside.

Price £280,000 Freehold
Ref I340


Location
The property is situated on the junction of Norham Terrace and Lumley Terrace, Jarrow, a well-established residential area within South Tyneside, Tyne & Wear. Jarrow lies approximately 6 miles east of Newcastle upon Tyne and 3 miles west of South Shields, benefiting from excellent local road links via the A19 and A194(M). The surrounding area is predominantly residential, providing a strong local catchment for convenience retail, with nearby amenities including schools, community facilities, and local bus services connecting to Jarrow town centre and the wider Tyneside area.

Description
The property comprises a semi-detached, single-storey retail unit with a converted loft, providing a net internal area of approximately 227.46 sq. m. (2,448 sq. ft.).

The accommodation includes a spacious open-plan retail area, with ancillary accommodation and storage to the rear, and additional space within the converted loft. There is also a basement area, which was not inspected or measured at the time of reporting.

Constructed in 1933 of traditional red brick elevations beneath a pitched slate roof, the building presents in fair condition and occupies a prominent position within a well-established residential area.

The property is let to Morrisons Daily on a 10-year lease from November 2023, producing a current rent of £20,000 per annum, reflecting a net initial yield of approximately 7.14 %.

This offers a secure and attractive convenience retail investment, backed by a strong national covenant, and located in a densely populated catchment providing steady local footfall and repeat trade.

Tenant
Alliance Property Holdings Limited (No.00907499)

Lease Terms
10 years from 3rd November 2023 to and including 2nd November 2033. There is a tenant only break clause on 2nd November 2028 (by giving not less than 6 months’ notice) There is rent review on the 3rd November 2028 (see lease).

Rent
£20,000 per annum

Tenure
Freehold

Price
£280,000

Yield
Gross of 7.14 % on the purchase price

Viewing
Strictly by appointment through this office.

EPC Rating
C

Rateable Value
The 2025 Rating List entry is Rateable Value £8,400