The property comprises a substantial four storey end-of-terrace property of solid brick masonry construction with a single-storey flat felt roof extension to the rear. The ground floor is accessible directly off Percy Street and is subdivided into two retail units currently fitted out as hot fast-food takeaways.
Both units offer open seating and a service counter to the front and food preparation areas and ancillary accommodation to the rear. The upper floors are in a stripped back state of repair and are accessed off the unit's side street, Leazes Lane.
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
This property is positioned with double retailing frontage on to Percy Street, a keyaccess route running through Newcastle city centre.
In addition to the busy retailing pitch Percy Street provides, the property is also in close proximity to both Newcastle and Northumbria Universities, and is surround by numerous city centre attractions such as Eldon Square, Gate Leisure complex, St James’ Park and Haymarket bus interchange.
The property’s vicinity is well let to a variety of local and national occupiers.Limited surrounding vacancies denote a buoyant level of occupier demand for thelocality. Notable neighbouring occupiers include Tesco, PureGym and Subway.
Accommodation
Ground Floor Retail - 2,482 sq ft (230.6 sq m)
First Floor Ancillary - 1,762 sq ft (163.7 sq m)
Second Floor Ancillary - 1,033 sq ft (96.0 sq m)
Third Floor Ancillary - 1,033 sq ft (96.0 sq m)
Total - 6,310 sq ft (586.2 sq m)
Terms
Tenure - This property is held freehold.
Tenancy - The entire property is let to a private individual who operates Munchies out of the property, a hot food take-away. A 30-year Full Repairing and Insuring (FRI) lease is agreed from 17 October 2005 to16 October 2035 at a current passing rent of £95,000 per annum. This agreement offers a 11-year unexpired lease term with 5-yearly upwards only open market rent reviews. The next rent review is scheduled for 17 October 2025.
VAT - We understand that this property is NOT elected for VATpurposes.
Specification
- City centre retailing pitch fronting Percey Street, a key access route running through Newcastle centre.
- In close proximity to a number of popular attractions including Eldon Square,Gate Leisure complex, St James’ Park and Haymarket bus interchange.
- 11-year unexpired lease term with 5-yearly upwards only open market rent reviews.