SUBSTANTIAL RETAIL & LEISURE INVESTMENT
Recent lease extensions completed providing strong sustainable income in an affluent Market Town
6 Market Place, Morpeth, Northumberland, NE61 1HG
INVESTMENT SUMMARY
Entirely let to Peacocks Stores Limited and local Chinese restaurant
Generating a total rent of £80,000 per annum, WAULT to break 4.63 years, lease end 6.03 years
Located in Morpeth, an attractive and affluent market town in Northumberland
Located on Market Place, which is considered the historic heart of Morpeth, immediately next to Tomahawk Steak House
Total floor area of 682 sqm / 7,344 sq ft over ground, first and second floors
The property has an EPC rating of C
Freehold
We are instructed to seek offers in excess of £945,000 (exclusive of VAT), reflecting a net initial yield of 8.00% assuming standard purchasers' costs of 5.69%.
A sale at £945,000 reflects a low capital value of only £129 psf.
LOCATION
Northumberland, a county in North East England bordering Scotland, is home to a population of just over 319,000 people. Its stunning countryside, including the Northumberland National Park, historic castles and villages, and picturesque beaches like Bamburgh and Embleton, make it a popular tourist destination.
Morpeth, an affluent market town approximately 14 miles north of Newcastle, is Northumberland's county town and administrative centre, with a population of around 14,000. It enjoys a good retail position, with nearby occupiers including Saks, Boots, WH Smith, and many other national and local operators.
Morpeth is well-connected by rail and road. The town has its own train station, which is served by Northern Rail trains to Newcastle upon Tyne, Edinburgh, and Berwick-upon-Tweed. Morpeth is also located close to the A1 trunk road, which links the town to Newcastle upon Tyne, Edinburgh, and London.
Morpeth's rail network provides direct connections to Edinburgh, Newcastle, York, Leeds, and London. Train times from Morpeth to these cities are as follows:
Newcastle – Approximately 30 minutes
Edinburgh – Approximately 1 hour 30 minutes
York – Approximately 2 hours
Leeds – Approximately 2 hours 30 minutes
London – Approximately 3 hours 30 minutes
Morpeth is a thriving market town with a mix of independent and national shops. The town is also home to a number of historical landmarks, including Morpeth Castle, Morpeth Bridge, and the Morpeth Chantry Bagpipe Museum.
SITUATION
The building is located on Market Place, which is considered the historic heart of Morpeth. It has been a market place since at least the 12th century, and received a market charter from King John in 1200. The market was originally held on a weekly basis and attracted traders from all over Northumberland and beyond.
Over the centuries, the market has evolved to include a wider range of goods and services. Today, Morpeth Market is held every Wednesday and Saturday, and offers a variety of stalls selling fresh produce, meat, fish, baked goods, flowers, and crafts. There are also a number of permanent shops located around the market square, including butchers, bakers, and greengrocers.
In addition to its commercial function, Market Place is also a popular social space for the local community. The square is often used for community events and festivals, such as the annual Morpeth Northumbrian Gathering.
DESCRIPTION
The building at 6 Market Place, Morpeth is a two-storey, mid-19th century commercial property with a rendered facade and a slate roof.
TENANCY SCHEDULE
Ground, part first floor and second floor are let to Peacocks on a 5 year lease from 12th April 2026 at £56,000 per annum. There is an index linked service charge cap of £3,000 per annum, increasing each year.
Part first floor is let to Evergreen Catering trading as a Chinese Restaurant on a 10 year lease from 30th January 2026 at a rent of £24,000 per annum with index linked rent reviews.
WAULT to break 4.63 years, lease end 6.03 years.
TENURE
The property is held freehold with title number: ND58010
VAT
The property is elected to VAT and it is therefore envisaged that the sale will be treated as a TOGC.
ENERGY PERFORMANCE CERTIFICATE
The property has an EPC rating of C.
PROPOSAL — EXCESS OF £945,000
We are instructed to seek offers in excess of £945,000 (exclusive of VAT), reflecting a net initial yield of 8.00% assuming standard purchasers' costs of 5.69%.
A sale at £945,000 reflects a low capital value of only £129 psf.
