Stella Road, Blaydon-on-Tyne, Tyne and Wear, NE21

LOCATION

Blaydon-on-Tyne is an established town within the Metropolitan Borough of Gateshead, situated approximately 4 miles west of Newcastle upon Tyne. The town lies on the south bank of the River Tyne and benefits from strong regional transport links including proximity to the A1 western bypass and the A695 as well as regular rail services from Blaydon station on the Tyne Valley line. The area is predominantly residential, with a mix of traditional terraces, modern estates and local amenities including supermarkets, schools and community facilities. The subject property is located on Stella Road – B6317, a main road which connects to the neighbouring suburb of Ryton.

DESCRIPTION

The subject property is a former petrol filling station, now in use as a vehicle sales and MOT centre. It features a main forecourt area with canopy which sits in front of a main workshop building. The property has brick elevations, steel portal frame and a mono-pitched roof clad in profile sheeting. The building provides two main workshop sections as well as ancillary office and storage space. The left side of the building is one workshop area used primarily by Blaydon Part Exchange. This area is accessed by a roller shutter door and has a concrete floor and LED strip lighting. This part of the building has a maximum eaves height of 3.40 m To the right side of the building is the other workshop area occupied primarily by Stones Autocare. This area is accessed by two roller shutter loading doors and has a maximum eaves height of 4.47 m. This section has a kerosene fired heater. Bounding the site to the right and left are retaining walls and to the rear is a small (truncated)

ACCOMMODATION

We have carried out a measured survey of the property and the details below have been calculated in accordance with the RICS Standard Code of Measuring Practice as providing the following gross internal floor areas: Workshop (left) 114.90 sq m (1237 sq ft) Workshop (right) 119.25 sq m (1284 sq ft) Office/ancillary 68.26 sq m (735 sq ft) Total 302.41 sq m (3255 sq ft) Using the Title plans provided we have calculated the site area to be approximately 0.31 acres (0.125 hectares)

SERVICES

We understand that there is three-phase electricity, gas, and water to the property and drainage is to a septic tank. Prospective buyers should satisfy themselves as to the suitability of these services.

BUSINESS RATES

We understand that the property is assessed for business rates purposes as follows: Blaydon Part Exchange, Stella Road, Blaydon-on-Tyne, NE21 4LP Description: Car sales & premises Rateable Value: £10,750 Stones Autocare, Stella Road, Blaydon-on-Tyne, NE21 4JU Description: Vehicle repair workshop & premises Rateable Value: £8,300

TENURE

We have not had sight of the title. We are advised that the property is held upon an unencumbered freehold basis. From the Land Registry Extract, the boundaries of the property as shown on the title plan appear to extend beyond the retaining walls. We understand there is a restriction in the title preventing the subject property being used for any purpose other than for a garage, petrol filling station and service station. We assume the current use is permitted.

TENANCIES

We have had sight of a lease dated 30 June 2010 relating to the whole of the property. The lease was for a term of 10 years from 1 July 2010 at an initial rent of £18,500 per annum for the first five years of the term, rising to £20,000 per annum for the remainder of the term. The lease has expired and the tenant is holding over. Passing rent is £20,000 per annum. The user clause restricts use to that of a car garage and service station. We understand the tenant owns both companies which operate from the site.

PRICE

Our client's freehold interest in the property, subject to the existing tenancy is available, we are seeking offers in the region of £225,000. A sale at the asking price would equate to a gross initial yield of 8.89%. The property is registered for VAT and therefore VAT will be payable on the purchase price. It is anticipated the property will be sold by way of a Transfer of a Going Concern (TOGC). ENERGY PERFORMANCE CERTIFICATE The property is currently being assessed for its EPC Rating. A copy of the Energy Performance Certificate and Recommendation Report will be available on request.

LEGAL COSTS

Each party to bear their own legal costs.