The property comprises an end-of-terrace two-storey building of brick masonry construction with a single-storey double-garage rear extension.
It houses a return fronted retail unit currently functioning as a hot food take-away. Internally its ground floor provides a seating area, service area and service counter to the front, a kitchen andfood preparation area behind this and storage and ancillary accommodation, including a WC, to the rear. Servicing is via on-street access to the side and rear of the property.
The upper floors currently provide further ancillary storage, but we are advised that the tenant intends to convert this space to a shisha lounge and additional seating.
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 property is situated on a corner pitch on the main retail parade located along West Road, a key arterial route running into Newcastle city centre from the west.
This parade is considered a resilient retailing locality, evidenced by strong headline rental levels and very limited surrounding vacancies. This popularity of this parade is shored up by the large, populated suburb of Benwell, Fenham and Elswick it supports, alongside the high volume of passing trade constantly transiting along West Road.
Notable neighbouring occupiers include Dixy Chicken, William Hill, Kwik Fit, TSB and Greggs.
Accommodation
Ground Floor Retail - 1,840 sq ft (170.9 sq m)
First Floor Ancillary - 1,017 sq ft (94.5 sq m)
Total - 2,857 sq ft (265.4 sq m)
Terms
Tenure - This property is held freehold.
Tenancy - The entire property is let to a private individual who owns and operates Mumtaj, a well renowned local hot food take-away. A 15-year Full Repairing and Insuring (FRI) lease has been agreed from 30 January 2019 to 29 January 2034 at a current passing rent of £35,000 per annum. This lease offers a remaining term of 9 years with 3-yearly upwards only open market rent reviews. The next rent review is scheduled for 30 January 2025.
VAT - We understand that this property is NOT elected for VAT purposes.
Specification
- Corner pitch on a busy retailing parade along West Road, a key arterial routerunning into Newcastle city centre.
- A buoyant retailing strip shored up the large, populated surrounding suburbs of Benwell, Fenham and Elswick that it supports.
- 9-year unexpired lease term to a popular hot food take-away with 3-yearlyupwards only open market rent reviews.