LOCATION
Newcastle upon Tyne the commercial capital of the North East of England is situated approximately 300 miles north of London 100 miles south of Edinburgh and 100 miles north of Leeds.
The city benefits from excellent transportation links, including direct access to the A1(M) motorway (London to Edinburgh) and the A69 trunk road (connecting to Carlisle and Cumbria).
Beyond overground rail, Newcastle is served by the Tyne and Wear Metro, an underground rail network with 60 stations. This connects Newcastle city centre to wider areas such as Sunderland, South Shields, and Newcastle Airport.
The city is home to two leading universities, Newcastle University and Northumbria University, with a combined student population exceeding 50,000. According to the 2021 UK Census, Newcastle upon Tyne has a population of over 300,000. The wider Tyneside metropolitan area, encompassing Newcastle, Gateshead, North Tyneside, and South Tyneside, has a population of approximately 880,000.
Jesmond, a popular Newcastle suburb, is positioned less than a mile north of Newcastle city centre. This location offers convenient city access while maintaining a distinct character. The city centre is a comfortable walk away, or a quick 6-minute Metro journey. Jesmond is particularly popular with students due to its proximity to Newcastle University, contributing to the area's vibrancy. Professionals and families are also attracted to Jesmond for its well-regarded schools, established character, diverse shops, and green spaces.
SITUATION
The property holds a prominent position on the north side of Jesmond Road, part of a busy commercial parade. This area is directly accessible from the A1058, a major arterial route connecting to Newcastle city centre and the coast. Jesmond Road is a popular retail destination, hosting various local businesses including hairdressers, estate agents, and independent shops. Jesmond Metro Station is 0.6 miles away, and numerous bus routes serve the immediate vicinity, offering excellent city-wide connectivity.
DESCRIPTION
The property comprises a ground floor retail unit within a three-storey, mid-terraced building of traditional brick construction with a pitched tiled roof. It features a traditional single-glazed shop front. Internally, there is a cleared retailing space with a rear staff kitchen and WC. The property has recently been fully refurbished by the vendor and was let in a high quality 'white box condition'.
The first and second floors comprise a spacious apartment with 4 double bedrooms, bathroom, kitchen / dining room, utility and WC.
To the rear, there is a small yard and external storage shed. The interior has been decorated to a high standard with new laminate floors, plastered and painted walls and ceilings, and spotlights.
The property operates as a House in Multiple Occupation. An HMO licence application has been submitted to Newcastle City Council and is currently being processed.
ACCOMMODATION
Floor areas have been provided by the vendor.
Unit Description Sq m Sq ft
265 Jesmond Road Ground floor 48.74 525
ITZA 37.55 404
First floor 56.9 612
Second floor 52.6 566
TOTAL 158.24 1,703
267 Jesmond Road
First Floor
Living room: 4.64m x 3.65m (approx. 16.9 sqm / 182 sqft)
Kitchen/diner: 3.20m x 3.85m (approx. 12.3 sqm / 132 sqft)
Bedroom 1: 4.40m x 2.42m (approx. 10.6 sqm / 114 sqft)
Utility: 3.22m x 1.15m (approx. 3.7 sqm / 40 sqft)
Plus bathroom, landing and circulation
First Floor total = 56.9 sqm / 612 sqft
Second Floor
Bedroom 2: 2.94m x 3.60m (approx. 10.6 sqm / 114 sqft)
Bedroom 3: 3.38m x 3.15m (approx. 10.6 sqm / 114 sqft)
Bedroom 4: 4.29m x 2.54m (approx. 10.9 sqm / 117 sqft)
Plus bathroom, landing and circulation
Second Floor total = 52.6 sqm / 566 sqft
TENANCY SCHEDULE
The property is let to Lean Cuisine Limited on a new 10 year lease from 20th December 2024 at the passing rent of £16,500 per annum, therefore expiring in December 2034 with tenant only breaks in December 2029 and December 2031 and an upwards only rent review in December 2029. The lease is held on internal repairing and insuring terms, subject to a schedule of condition.
There is also a £4,125 rental deposit and a personal guarantee from the director of Lean Cuisine Limited.
The four bed apartment is let on an AST at £106 per person per week calculating to a total gross rent of £22,080 per annum exclusive of bills.
TENURE
The property is held freehold.
VAT
The property is not VAT elected.
EPC
The property has an EPC rating of C.
PROPOSAL
Offers sought in excess of £495,000 reflecting a net initial yield of 7.45% assuming purchasers costs of 4.68%
