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High street retail property for sale

520 - 528 Durham Road, Gateshead, Tyne And Wear, NE9 6HU

Offers Over
£285,000

£243.17 per sq ft

Business rates & charges may apply

Naylors Gavin Black LLP, Newcastle Upon Tyne
SIZE AVAILABLE

1,172 sq ft

109 sq m

SECTOR

High street retail property for sale

Key features

  • Located on popular suburban retail location
  • Freehold
  • Additional 'peppercorn' tenants on long leases (expiring 2116)
  • Passing Rent £24,800 per annum exclusive
  • Seeking offers over £285,000 which shows a 8.44% Net Initial Yield after purchaser costs
  • No VAT

Description

Location

The property is located on the east side of the busy and popular Durham Road in the affluent suburb of Low Fell, Gateshead. Nearby retail operators include Greggs, Co-Op and Savers together with many successful local traders and leisure operators. There are a number of public car parks in close proximity.

Description

The property consists of two single storey retail units facing onto Durham Road.

The Coral betting shop consists of a betting floor to the front of the shop with tills, WCs and a Kitchenette to the rear.

Jamms Barbers consists of an active barbers at the front of the shop with storage, WCs and Kitchenette facilities at the rear.

The freehold title includes three peppercorn long leasehold properties which are detailed below.


Tenure Comments

Unit 526 is let to Coral Racing Limited, for a term expiring 7th March 2026. The passing rent is £12,800 per annum excluding VAT. They have occupied the unit since 2016.

Unit 524 is let to Gummy Limited but assigned to Mr J Salahi (Jamms Barbers). The lease was renewed for a further 5 years commencing from 2nd April 2024 and expiring on 1st April 2029. The annual rent is £12,000 per annum excluding VAT.

520 and 522 Durham Road is let on a 125-year peppercorn lease from 24th December 1991.

528 Durham Road is let to Trustees of the Associates Club for a term of 125 years from 24th December 1991 at a peppercorn rent.

Total income is £24,800 per annum.


EPC

Available upon request.

Legal Costs

Each party to be responsible for their own legal costs incurred in this transaction.

Brochures

520 - 528 Durham Road, Gateshead, Tyne And Wear, NE9 6HU

Open mapStreet View

NEAREST STATIONS

Distances are straight line measurements from the centre of the postcode
  • Gateshead Stadium Tram Stop1.5 miles
  • Felling Metro Station1.6 miles
  • Dunston Station1.9 miles

About Naylors Gavin Black LLP, Newcastle Upon Tyne

One Strawberry Lane Newcastle Upon Tyne NE1 4BX

As commercial property specialists for the North East, Naylors have their head office in the heart of Newcastle. The firm was founded twenty years ago by Bill Naylor, managing director, and has retained its independence, growing to become one of the most respected practices in the area.

This is reflected in Naylors being invited to represent the North East through membership of PAI, a prestigious organisation of like-minded professionals covering most of the Uk.

Today, Naylors handle a wide range of commercial and industrial properties in an area that stretches from Yorkshire to Northumberland and beyond. Our client list includes every kind of organisation from public bodies and national chains to local SME companies.

It is the quality of our people that makes the difference. Fully qualified professionals with a commitment to their clients’ interest and the in-depth knowledge to provide a tailor-made service.

Notes

These notes are private, only you can see them.

Disclaimer - Property reference 3285FH. 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 Naylors Gavin Black LLP, 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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