29-31 Market Street, Alnwick, Northumberland

Freehold betting office & residential ground rent investment. Secure national covenant through William Hill. Rental income £22,000 per annum. Net internal area 113.4 sq. m. (1,220 sq. ft.). 5-year lease from 11th February 2025. Gross yield of 9.77 % on the purchase price. Residential above sold off on four long leases. We understand William Hill have been tenants for 30+ years.

Price £225,000 Freehold
Ref I353


Location
The property is located in the historic Northumberland market town of Alnwick, Market Street is a wide spacious road fronted by attractive shops. It is loved for its mixture of family run shops that have been located on the street for generation. Bondgate Within offers a real sense of history as the street is entered through the archway in Bondgate Tower, a 15th century stone three storey gatehouse. Nearby is the visitor attraction of Alnwick Castle, home of the Duke and Duchess of Northumberland, renowned for its beautiful gardens and referred to as the “Windsor of the North”

Description
The property comprises a mid-terrace, three-storey building arranged as a ground-floor betting office, with the upper floors comprising four residential flats that have been sold off on long leases. The betting office provides a net internal area of approximately 113.4 sq m (1,220 sq ft).

The ground-floor unit is let to William Hill on a 5-year lease from February 2025, producing a current rent of £22,000 per annum, reflecting a net initial yield of approximately 9.77%.

The property offers a secure and attractive retail investment, underpinned by a strong national covenant, and is located within a densely populated catchment area, providing steady local footfall and repeat trade.

Tenant
William Hill is part of Evoke Plc (formerly 888 Holdings Plc)

Lease Terms
5 years from 11.02.2025. There is a tenant break in 4th year FR& I by way of service charge.

Notice
The building also comprises four residential flats, all of which have been sold off on long leases. Two flats are held on 100-year leases from 2019, one flat on a 120-year lease from 2024, and one flat on a 999-year lease from 1996. All leases are subject to a peppercorn ground rent.
Section 5b notices under the Landlord and Tenant Act 1987 have been served on the qualifying residential long leaseholders.

Rental Income  
£22,000 per annum

Tenure
Freehold

Price
£225,000

Yield
Gross of 9.77 % on the purchase price

Viewing
Strictly by appointment through this office

EPC Rating
D

Current Rateable Value
The 2025 Rating List entry is Rateable Value £18,250

Future Rateable Value
From 1st April 2026 Rating List entry is Rateable Value £17,500