47-49 London Road, Chesterton, Newcastle

The property comprises a vacant mixed-use opportunity with a number of asset management and development options.

Arranged as two ground floor retail units with associated upper parts, the property is currently fully vacant, having previously been operated by a bookmaker and a takeaway. The property could be suitable for immediate letting or the ground floor units could be combined to create a single retail space in order to attract national retailers.

The upper parts are currently internally accessed, but the property benefits from external access at the side and a rear yard. This could be utilised to create an additional access to the upper parts allowing for conversion to alternative uses, including residential (subject to obtaiing the requisite consents).

We consider that if works were done to convert the upper parts to a residential HMO, the property could generate a rent of £40,000 per annum if fully let.

The property occupies a prominent pitch fronting London Road, a principal arterial route benefitting from high footfall. The surrounding area is characterised by a mix of retail and residential uses.