Withdrawn
Withdrawn Prior
Sold
Sold Prior
Sold Post
The property comprises a prime, high yielding, high street opportunity in the heart of South Shields.
Arranged across ground and first floors, the property is let in its entirety to Holland and Barrett Retail Limited on a lease currently producing £36,000. The tenant is holding over and new lease terms have been agreed for a three year lease at a rebased rent of £20,000 per annum. We anticipate the lease will commence prior to completion.
Whilst the tenant occupies the property in its entirety, we understand the upper parts are not used. There therefore may be some development potential to the upper parts (subject to obtaining the requisite consents).
King Street comprises the principal pedestrianised retail amenity in South Shields, with local occupiers including Sports Direct, Caffe Nero, McDonalds and Greggs.
Tenure
Freehold
Tenancy
Holland and Barrett Retail Limited are a well known and established High Street occupier (Dun & Bradstreet Rating: 2A)
The tenant has signed a new lease for a period of three years at a rebased rent of £20,000 per annum, on full repairing and insuring terms and within the Security of Tenure provisions of the Landlord and Tenant 1954 Act.
Planning
Whilst there are no extant planning consents there may be potential to convert the upper parts to alternative uses, including residential (subject to the existing leases and any requisite consents).
Rent
Notes
We understand the property is elected for VAT, it is envisaged the sale can be treated as a Transfer of a Going Concern (TOGC).