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19-31 High Street East, Wallsend, NE28
Use Class
E
Size
365 - 1,434 sq ft
Price
£825,000
Market Sector
Retail & Shopping Park
Key Features
Mixed-use investment comprising of 4 retail units and 4 self-contained flats.
Current income of £66,600 rising to £81,100 when fully let.
Single recent ground floor void - a licenced & fitted bar with an ERV of £14,500 pax.
Parking and Loading at the rear.
Offers in the region of £825,000 reflecting a blended yield of 9.3% and assuming usual purchasers’ costs of 5.53 %.
Description
The property consists of a block of mixed-use space containing of 4 commercial (retail) units as well as 4 self-contained 1 bed flats. The property is two stories and faces onto High Street East, with access to the residential and loading facilities to the rear just off Woodbine Avenue & Laburnum Avenue.
The building is of brick construction with a pitched slate roof and has been under the same ownership since 1907. In 2019 part of the first floor was converted into the 4 x 1 bed apartments which have been tenanted ever since, with two commercial tenants longstanding within the building on renewal leases.
Location
The subject property is located within central Wallsend within the town centre and fronts directly onto High Street East, the principle High Street in the town. Wallsend is a suburb of Newcastle upon Tyne, with Newcastle City Centre being around 4 miles to the west and is closely located to transport facilities in the form of bus and metro services linking the greater north east area. High Street East sees an annual average daily flow of 13,621 vehicles.
Key Information
Viewing
Strictly by appointment. Staff are unaware.
Legal
The Money Laundering Regulations 2017 place a legal obligation on the agents to identify a proposed purchaser once the sale has been agreed and prior to instructing solicitors. Confirmation of the source of the purchaser's funds will also be required.
Accommodation
365 - 1,434 Sq.Ft
Financial
Costs
Each party is responsible for their own legal and other professional costs incurred in the transaction.
Tenure
Freehold
Disclamier
All the above information and descriptions (whether in the text, plans or photographs) are given in good faith but should not be relied upon as being a statement of representation or fact. Any areas, measurements or distances referred to are approximate only.
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