LOCATION
The property occupies an unrivalled position on Whitley Road, at the heart of Whitley Bay's principal pedestrianised retailing pitch, sitting directly between Greggs and Dicksons and immediately adjacent to Whitley Bay Shopping Centre. The location benefits from consistently high footfall, a strong mix of national and independent retailers, cafes and coffee shops, and is a short walk from Whitley Bay Metro station.
Whitley Bay is a popular seaside town on the North Tyneside coast, with a strong resident and visitor catchment drawn by its promenade, beaches and town centre offer, and benefits from excellent transport links via the Tyne and Wear Metro.
DESCRIPTION
252 Whitley Road comprises a mixed-use building providing a ground floor retail unit together with first and second floor accommodation previously occupied as a Therapy & Wellness Centre, of traditional construction beneath a pitched roof, fronting one of Whitley Bay's principal town centre trading pitches.
A telecoms mast is sited at the property, let to O2 Cornerstone Communications Infrastructure Limited, providing a further and largely management-free income stream alongside the retail and upper floor accommodation.
ACCOMMODATION
The floor areas are as follows:
Ground floor retail: 47sqm 506sqf
First floor: 59sqm 635sqf
Second floor: 61sqm 656sqf
TOTAL: 167sqm 1,797sqf
TENANCY SCHEDULE
The ground floor retail unit is let to a private individual t/a Tom Owens Greengrocers on a lease for a term of 7 years from 23 November 2024 to 22 November 2031, at a rent of £14,300 per annum. The current lease is by reference, dated 11 December 2024, and is tied to the terms of an original lease dated 23 November 2003.
The first and second floors were most recently let to a private individual t/a Azure Therapy & Wellbeing Centre on a lease dated 1 June 2023, at a rent of £12,000 per annum. That lease expired in June 2026. We have assessed the estimated rental value of this accommodation at £12,000 per annum, representing a reversionary opportunity for an incoming owner.
A telecoms mast at the property is let to O2 Cornerstone Communications Infrastructure Limited at £10,000 per annum for a term of 10 years from 24 November 2016 to 23 November 2031, with rent paid quarterly in advance and a rent review at the 10-year point on 24 November 2026.
The current total passing rent is therefore in the region of £24,300 per annum, rising to approximately £36,300 per annum once the first and second floors are let at the assessed ERV.
Freehold with title number TY505232
VAT
The property is not VAT elected
EPC
252 Whitley Road - B
252A Whitley Road - D
PROPOSAL
We are instructed to seek offers in excess of £320,000 (Three Hundred & Twenty Thousand Pounds) subject to contract, reflecting a net initial yield of approximately 7.59%, rising to approximately 11.34% once the first and second floors are let at £12,000 per annum.
CONTACT
For further information or to arrange an inspection please contact:
Daniel Capobasso
Tel.
Email.
