5 Cattle Market, Hexham, Northumberland North, NE46 1NU
£94.57 per sq ft
Business rates & charges may apply
- SIZE AVAILABLE
4,494 sq ft
418 sq m
- SECTOR
High street retail property for sale
Key features
- Freehold
- Ground floor retail space let to Specsavers Optical Superstores Limited
- 9.5 years to expiry (4.5 years to break) on Specsavers lease
- Low passing rent of £30,000 per annum
- Additional income of £3,500 from neighbouring occupier to allow uninterrupted fire escape egress onto car park
- Opportunity to capture significant reversion through letting of the refurbished upper offices (ERV £23,520 pa)
- Seeking offers over £425,000 exclusive of VAT
- This level shows a net initial yield of 9.50% after costs on the Specsavers and licence income when allocating a low £36psf capital value to the upper offices
- Potential to capture reversion to over 12.5% upon letting the upper offices
Description
Hexham is a historic and busy market town in Northumberland, with a mix of national and local retail occupiers in its thriving town centre.
Hexham town centre sits within one mile of the dualled portion of the A69 trunk road offering direct access to the A1 and Newcastle upon Tyne approximately 20 miles to the east and Carlisle and the M6 motorway 38 miles to the west.
The property is situated on Cattle Market in the busy retail core of Hexham's town centre to the north side of Priestpopple Street. The property is also adjacent to the pedestrianised Fore Street, the prime retail street in central Hexham, and therefore benefits from significant footfall.
The property is located close to Hexham's main bus station and a short walk from its train station with frequent daily trains east to Newcastle and west to Carlisle.
Hexham has been in a conservation area since 1973 and was last revised in 2009. This to protect the town's high quality historic environment.
Surrounding occupiers include HSBC Bank, Ladbrokes, Greggs, Superdrug, Caffé Nero, Mountain Warehouse, Boots and Costa.
Description
The property comprises a mid-terraced three storey building with brick elevations under a dual-pitched tiled roof.
The ground floor retail space is fully utilised by Specsavers and incorporates retail area, stores and staff amenity areas.
The two upper floors consist of vacant office space which have been divided into a number of individual suites and could therefore be utilised by either a single or multiple tenants.
The offices have been recently refurbished by the landlord with specification including LED lighting, electric heating, carpeting and kitchen/WC facilities.
To the rear of the property, with access from Eastgate, there are 4 car parking spaces which are allocated to Specsavers.
Tenure Comments
Freehold.
EPC
Ground Floor: C (63)
First Floor: D (92)
Second Floor: C (67)
Legal Costs
Each party to be responsible for their own legal costs incurred in this transaction.
Brochures
5 Cattle Market, Hexham, Northumberland North, NE46 1NU
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Hexham Station0.4 miles
- Corbridge Station3.2 miles
Notes
Disclaimer - Property reference 3365FH. 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, 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.
Map data ©OpenStreetMap contributors.