mixed use investment for sale · 2019-12-09 · mixed use investment for sale 4 bridge street,...
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Mixed Use Investment For Sale 4 Bridge Street, Morpeth, Northumberland, NE61 1NG
A L N W I C K | D U R H A M | G O S F O R T H | M O R P E T H | N E W C A S T L E | S U N D E R L A N D
1 Hood Street, Newcastle upon Tyne, NE1 6JQ | 0191 232 8080 | [email protected] www.bradleyhall.co.uk
INVESTMENT SUMMARY
• Ground floor bank and first floor dentist surgery • Total size of 376.6m² (4,054ft²) • Fully let to local and national occupiers • Passing rent of £40,940 per annum. • We are instructed to seek a price of £625,000 equating to a net initial yield of 6.23% assuming
purchasers costs at 5.12%. LOCATION The subject property is located on Bridge Street in Morpeth town centre. Bridge Street is one of the main roads through the town centre. Bridge Street links with A197 to the east which is a main road in and out of Morpeth which links with the A1(M) to the south and the A189 to the east, passing nearby towns including Ashington. Bridge Street is a popular business, retail and leisure destination in Morpeth with local and national occupiers including Iceland Foods, Greggs, Boots Pharmacy, Holland & Barrett, Superdrug and Clintons. The property benefits from being opposite Sanderson Arcade and approximately 0.2 miles from Morpeth bus station. Morpeth train station is 0.5 miles to the south which is on the mainline route between Newcastle upon Tyne and Edinburgh. DESCRIPTION The property is arranged over basement, ground and first floors to provide a ground floor banking hall with basement storage. The first floor provides a Dentist Surgery and offices which are accessed separately. The building is of solid brick and sandstone construction to the front and side elevations, while the front benefits from an attractive Tudor style decorative finish. Internally, the area demised to the Bank is arranged to comprise of a sales counter and service area to the front with ancillary offices, store rooms, safe, kitchen and staff WC facilities. The first floor accommodation is arranged to comprise five Surgery rooms, reception/waiting area, dark room, cloaks, staff area, kitchen and WC facilities. Office 2 has a separate access and comprises of three office rooms and WC facilities.
ACCOMMODATION Ground Floor & Basement 172.99m² 1,862ft² First Floor 203.64m² 2,192ft² Total 376.63m² 4,054ft² TERMS The accommodation is available by way of freehold with a price of £625,000 (Six Hundred and Twenty Five Thousand Pounds). VAT All rents, premiums and purchase prices quoted herein are exclusive of VAT. All offers are to be made to Bradley Hall upon this basis, and where silent, offers will be deemed net of VAT. LEGAL COSTS Each party is to bear their own legal costs involved in the transaction. MONEY LAUNDERING REGULATIONS In accordance with the Anti-Money Laundering Regulations the Purchaser/Tenant will be required to provide two forms of identification and proof of the source of income. VIEWING For general enquiries and viewing arrangements please contact Nicholas Bramwell or Jamie Wales at Bradley Hall. Tel: 0191 232 8080 Email: [email protected] Tel: 0191 232 8080 Email: [email protected]
Situated on A197 2.5 miles from A1(M)
12 miles from Newcastle International Airport
0.5 miles from Morpeth train station
0.2 miles from Morpeth bus station
A L N W I C K | D U R H A M | G O S F O R T H | M O R P E T H | N E W C A S T L E | S U N D E R L A N D
1 Hood Street, Newcastle upon Tyne, NE1 6JQ | 0191 232 8080 | [email protected] www.bradleyhall.co.uk
ACCOMMODATION AND TENANCY INFORMATION
Tenant Occupied area Rent (Per annum) Lease Terms Size (ft²)
EPC Rating
Ground Floor & Basement, 4 Bridge St, Morpeth
National Westminster Bank & Royal Bank of Scotland
£28,940 21 years from 9 June 2005 with 5 yearly rent reviews.
1,862 G295
First Floor, Office 1, 4A Bridge St, Morpeth
JRP Jones & Associates Ltd £10,000
10 years from 1 June 2014 with 5 yearly rent reviews. 2,192
E125
First Floor, Office 2, 4A Bridge St, Morpeth
JRP Jones & Associates Ltd £2,000 G265
Total £40,940 4,054
IMPORTANT NOTICE Bradley Hall for themselves and for the Vendors or Lessors of this property whose agents they are give notice that: 1) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees and do not constitute part of an offer or contract. 2) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and their details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements
or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 3) no person in the employment of Bradley Hall has any authority to make or give any representation or warranty whatever in relation to this property of these particulars nor enter into any contract relating to the property on behalf of Bradley Hall, nor any
contract on behalf of the Vendor. 4) no responsibility can be accepted for any expenses incurred by intending purchasers or lessees in inspecting properties which have been sold, let or withdrawn. Registered in England No. 07236458 1 Hood Street, Newcastle upon Tyne, NE1 6JQ