Offers in excess of £400,000
The premises are located on Industry Road in Heaton, approximately 3 miles from Newcastle city centre. The area benefits from excellent transport links, with the premises being based just off the coast road allowing direct access to both Newcastle city centre and the coast. Neighboring occupiers include Crossling, Lookers Van Centre and Baird Welding and Engineering
There is also a metro station only 0.7 miles away, as well as a bus stop with regular buses located on the coast road.
The property comprises of 21 units totaling approximately 650.32m² (7,000ft²). Floor plans available upon request.
The total gross rent amounts to £63,144 per annum. Due to landlord costs and VAT the total net rent amounts to £48,529.
A copy of the full tenancy schedule and landlords expenditure available upon request.
The property is available by way of freehold with offers in excess of £400,000 (Four Hundred Thousand Pounds). A sale at this figure would equate to a net initial yield of 11.65%, assuming purchasers costs at 4.18%.
All units are rated separately. The current tenants benefit from 100% relief from rates. The standard Small Business Rate threshold is currently 48.0p in the pound. All interested parties should confirm the current position with the Local Authority. Each tenant is responsible to pay rates for each separately assessed unit.
Each party is to bear their own legal costs involved in the transaction.
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.
For general enquiries and viewing arrangements please contact sole agents Bradley Hall Chartered Surveyors.