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Nick Hammond


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+44 121 265 7587

Peter Vass


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ref: 24358

Mixed Use Investment

Available
Marketing
Price
£160,000 (€182,480 approx)
Location
6 & 8, Dean Road, South Shields, NE33 3PT
Property Type
Investment
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KEY FEATURES



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Fully let mixed-use investment opportunity
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Ground floor retail and first floor residential accommodation
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Ground floor let to Subway Realty
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Producing a total rental income of £15,200 per annum
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Prominent location on Dean Road
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On behalf of Joint LPA Receivers

LOCATION


The property is located on Dean Road, South Shields in an established retail location. The immediate vicinity comprises several other retailers such as Klipaz, Fountain Stores, The Westoe, Hogg Chemists and The Workwear and Schoolwear Company. The wider area is predominantly residential with local amenities nearby including South Tyneside College.
The property is in a prominent position and is close to the junction between Dean Road and Westoe Road, which provides access to South Shields Town Centre circa 1 mile away. Dean Road provides access to the A194 towards Jarrow, the A19 and Tyne Tunnel. The property is within close proximity to local bus routes and less than half a mile from Chichester Metro Station.


DESCRIPTION


The property comprises a traditional mid-terrace, two-storey building configured as a ground floor retail unit with self-contained residential accommodation above.
The ground floor is let to Subway Realty with shop front and internal fit-out to their corporate specification.
The residential flat has separate access from Dean Road and comprises one bedroom, bathroom, kitchen and living room.


TENURE


Freehold
The ground floor retail unit is let to Subway Realty Limited for 15 years from 15 September 2017 at £10,000 per annum subject to upward only rent review in September 2022 and 2027 and tenant break option in September 2023 and 2028. The premises is sub-let to a franchisee.
The residential flat is let on an Assured Shorthold Tenancy at £5,200 per annum, continuing periodically.


EPC RATING


Ground Floor EPC Rating - G (158)
First Floor EPC Rating - C (73)


TERMS


We are instructed to seek offers in the region of £160,000.


VAT


We understand that the property is not elected for VAT.


LEGAL COSTS


Each party is to bear their own legal costs in connection with the transaction.


METHOD OF SALE


The property is being sold by Joint LPA Receivers, who act as agents without personal liability.


Misrepresentation Act
Colliers International gives notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party 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. No person in the employment of Colliers International has any authority to make any representation or warranty whatsoever in relation to this property. 19/09/2019

Colliers International is the licensed trading name of Colliers International Property Advisers UK LLP which is a limited liability partnership registered in England and Wales with registered number OC385143. Our registered office is at 50 George Street, London W1U 7GA.

Copyright (c) 2019 Colliers International Property Consultants Limited. Company registered in England & Wales no. 7996509.
Registered office: 50 George Street, London W1U 7GA  Tel: +44 20 7935 4499