The property comprises a mixed-use, three storey, mid-terrace high street building of brick and stone masonry construction.
The ground floor offers a self-contained retail unit with ordering stations, a service counter and seating to the front and a food preparation area with industrial cooking facilities, a stock area, and staff accommodation including a WC to the rear. The store is finished to a high specification, offering a good internal quality. Servicing is via acommunal service yard to the rear of the property.
The upper two floors are separately access off Northumberland Street and comprise office accommodation with ancillary, kitchen and WC provisions. This space is currently vacant and will require refurbishment before reoccupation. This vacant space could provide medium-term redevelopment opportunities.
This property forms part of a larger retail portfolio currently being marketed which spans Newcastle & York. Properties are available as a portfolio or on an individual basis. Further information is available within the brochure.
Location
The subject property occupies a central pitch along Northumberland Street the pedestrianised thoroughfare which is traditionally considered the heart of the city's retailing district. Eldon Square Shopping Centre and Monument Mall, which also make up the cities prime retailing core are situated on Northumberland Street’s western elevation. Consequently, the property’s immediate vicinity is populated a strong mix of national retailers including Santander, Marks and Spencer (one of their largest stores outside of London), JD Sports, Primark, Fenwick and TK Maxx. The Haymarket Metro Station, the Civic Centre and both Newcastle and Northumbria Universities are also located within the immediate vicinity.
Accommodation
Ground Floor Retail - 1,289 sq ft (119.8 sq m)
First Floor Office - 1,012 sq ft (94.0 sq m)
Second Floor Office - 1,067 sq ft (99.1 sq m)
Total - 3,368 sq ft (312.0 sq m)
Terms
Tenancy - The ground floor is let to Splendid Restaurants (Harland) Limited. A 20-year Full Repairing and Insuring (FRI) lease was agreed from 01 December 2015 to 30 November 2035 at a passing rent of £95,000 per annum. The lease contains a tenant only break option for 30 November 2025 and provides for 5-yearly upward only open market rent reviews. The next rent review is due on 01 December 2025.
Splendid Restaurants (Harland) Limited is a prominent franchisee of KFC in the North East, operating up to 38 KFC branches. It was assigned this lease from Kentucky Fried Chicken (GB) Limited on 31 May 2018.
Lease obligations have been guaranteed by a larger parent company, Splendid Hospitality Group LLP, which operate a larger hospitality & residential focused property portfolio.
Tenure - This property is held freehold.
VAT - We understand that this property is elected for VAT purposes. Consequently, VAT will be charged on top of the agreed sale price. This transaction may qualify as a TOGC, subject to the purchaser satisfying the relevant criteria. Further detailis available on request.
Specification
- Street Prime city centre retailing pitch with excellent footfall.
- Let to an established Kentucky Fried Chicken franchisee, Splendid Restaurants (Harland) Limited.
- Well configured ground floor retail space with separately accessed first andsecond floors which could provide a medium-term redevelopment opportunity.