Westgate, Guisborough, North Yorkshire, TS14

LOCATION

The property is situated on Westgate, the prime retail pitch in the centre of Guisborough, within a market town on the northern edge of the North York Moors National Park which lies approximately 8 miles to the south-east of Middlesbrough, 20 miles east of Darlington and 60 miles north of York.

68 - 70 Westgate holds a prominent position on the northern side of Westgate between My Dentist and Newby's Solicitors. Other retailers in Guisborough include Boots, Morrisons, Dandy Threads, Costa and Greggs.

Free disc parking is available immediately outside the premises and it is surrounded by other local retailers and businesses. A twice weekly market is held close to the property on Thursdays and Saturdays.
 
DESCRIPTION

The premises comprise a three-storey mid terrace property of traditional brick construction arranged to provide a ground floor nail salon and tattoo studio across first and second floors.

The ground floor is configured to provide an open plan sales area with ancillary areas to the rear including office, kitchenette and WC.

The first and second floor benefits from separate access via a doorway on the left-hand side. This is configured to provide two tattoo areas, kitchenette and toilet. The second floor provides additional storage.

The ground floor can also be accessed from the rear via Johnson's Yard and over a rear yard.

ACCOMMODATION

The property has the following approximate areas:

Ground floor (NIA) 498 sq ft 46.26 sq m

First floor (NIA) 282 sq ft 26.20 sq m

Second floor (NIA) 294 sq ft 27.49 sq m

RATEABLE VALUE

The ground floor has a rateable value of £4,750.

The upper floors have a rateable value of £3,600.

TENURE

The ground floor is let for a term of 5 years from 08 August 2022 to Nhat Bui, a nail salon operator, at an annual rent of £10,000 pa.

The upper floors are let for a term of 7 years from 21 March 2023 Daniel Murphy the Tattoo studio operator at an annual rent of £4,160 pa. The lease includes a tenant only break clause at the end of year 6.

The total rent receivable by the landlord is presently £14,160 per annum exclusive. The leases are drawn on effectively full repairing and insuring terms by way of service charge recovery.

Documentation is available on request.

OPPORTUNITY

The freehold investment is available to purchase subject to the existing lease at an asking price of £175,000.

A purchase at this level would reflect a gross initial yield of 8.10% to a purchaser.

VAT

The property is not elected for VAT and consequently no VAT will be payable on the purchase price.
 
VIEWING

Strictly by appointment through this office only.

Contact - Jack Robinson
Email -
Tel -

Subject to Contract