Curtis Mayfield House, Carliol Square, Newcastle upon Tyne

For Sale - Rare City Centre Mixed Use Property Suitable For Conversion

22,230 ft²

Long leasehold asking price of £1,550,000

Key Features

Features
Mixed use property for sale
Suitable for conversion STPP
City centre location
Totalling 2,065.29m² (22,230ft²)
Impressive six storey, mid terrace building
Long leasehold available
Transport
0.3 miles from the A167
0.2 miles from Pilgrim Street
0.3 miles from Northumberland Street
0.3 miles from Monument Metro Station

Property Description

LOCATION

The subject property is located on Carliol Square in Newcastle upon Tyne city centre. Carliol Square is situated in a popular and established business location with nearby occupiers including Nebula Labs, Start Second, Mayfield Studio, Metro Repro, Flat Caps Coffee and Bodyzone Gym operates just around the corner.

Carliol Square runs parallel to Pilgrim Street which  has recently had plans revealed for a £200m luxury leisure, shopping and living scheme which will include a Grade A office building, a hotel and over 660,000ft² of mixed use space. Pilgrim Street is a main road in the city centre which connects the Tyne Bridge and A167(M) with Northumberland Street and Blackett Street which are the main retail streets in Newcastle, both providing access into intu Eldon Square. Pilgrim Street is parallel to Grey Street. Grey Street which is 0.3 miles away and is one of the main leisure and business destinations in Newcastle with occupiers including Barluga, Decantus, Lloyds Bank, Theatre Royal, Grey Street Hotel and Samuel Phillips Law.

Carliol Square is easily accessible by road with the A167(M) and Tyne Bridge just 0.3 miles away, the A193 is 0.4 miles away and the A1058 is 1 mile away, all of which are main roads into Newcastle city centre from surrounding areas. The

property is also accessible by public transport with bus routes servicing Pilgrim Street (0.2 miles away) and Warwick Street (160 yards away) and Monument Metro Station is 0.3 miles away.

DESCRIPTION

Curtis Mayfield House comprises an impressive six storey, mid terrace building with glazed front and rear elevations.

The property is currently utilised as nightclub on the ground and first floor, with the upper floors being part vacant and part occupied as basic studios, office and a judo dojo. The upper floors are accessed via an internal stairwell and passenger lift.

There is a lane to the rear of the property which is part of the demise and currently utilised for car parking.

The property presents a fantastic opportunity for conversion to alternative uses such as residential, or offices, subject to planning approval.            

RESIDENTIAL FEASABILITY 

A rough feasibility plan has been drawn, demonstrating the ability to create 30 x 1 bed studios, or 20 x 2 beds apartments. The ground floor could be used for communal, or commercial uses in both schemes.

The property is excellently located for such use, with close proximity to the city centre and within the same terrace is Body Zone gym and flat caps café.

ACCOMMODATION

 

Ground Floor 303.79m²
 3,270ft²
First Floor 352.30m²
3,792ft²
Second Floor 352.30m²
3,792ft²
Third Floor 352.30m²
3,792ft²
Fourth Floor 352.30m²
3,792ft²
Fifth Floor 352.30m²
3,792ft²
Total
2,065.29m²
22,230ft²


RATING ASSESSMENT

Address 

Description

Rateable Value

World HQ, Curtis Mayfield House, Carliol Square

Nightclub and  Premises

£52,000

2nd Floor, Curtis Mayfield House

Store and premises

£11,250

3rd Floor, Curtis Mayfield House

Store and premises

£11,250

4th Floor, Curtis Mayfield House

Store and premises

£11,250


TENURE

The property is owned by way of a long leasehold interest for a term of 150 years from 5th December 2013 at a peppercorn rent. The ground, first and second floors are permitted for use as a licensed nightclub. The third, fourth and fifth floors are permitted for classes B1, D1 & D2 of the Town and Country Planning (Use Class Order) Order 1987. Newcastle City Council are the Freeholder and any change of use is to be agreed with them.

OCCUPIERS 

The property is part let to three independent companies who occupy the second, third and fourth floors. The passing rent is £31,200 per annum. The tenants are in occupation by way of license agreements which can be terminated at any point with 1 months’ notice.

LICENSING

The existing business operates under premises licence 08/01332/PREM. This is the latest licences in the city centre, allowing opening until 5.30am. 

EPC

D-96

TERMS

Our clients long leasehold interest is available for sale with an asking price of £1,550,000 (One Million Five Hundred and Fifty Thousand Pounds). The asking price presents a low capital value of £69.72 per ft².

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.

CONTACT

Richard Rafique BSc (Hons) MRICS

t: 0191 232 8080

e: Richard.rafique@bradleyhall.co.uk

Nicholas Bramwell BSc (Hons) MRICS

t: 0191 232 8080

e: Nicholas.bramwell@bradleyhall.co.uk

Jamie Wales BSc (Hons)

t: 0191 232 8080

e: Jamie.wales@bradleyhall.co.uk


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