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    Key features

    • Prime, High Yielding, Retail Investment
    • Let to John Eliot (Footwear) Limited t/a Clarks
    • Producing £20,000 per annum
    • Approx. Nine Years Unexpired
    • Tenant in Occupation for 20+ Years
    • Prominent High Street Location
    • Guide Price Reflects 13.8% Gross Yield

    Description

    The property comprises a prime, high yielding, high street opportunity in the heart of South Shields.

    Arranged across ground and three upper floors, the property is let in its entirety to John Eliot (Footwear) Limited, trading as Clarks. The lease is for a term of 10 years, expiring 26/08/2032 and paying a rent of £20,000 per annum. The current lease is a renewal to an original lease from 2002, the tenant has therefore been in occupation for over 20 years.

    King Street comprises the principal pedestrianised retail amenity in South Shields, with local occupiers including Sports Direct, Caffe Nero, McDonalds and Greggs.

    Additional information

    Tenure

    Freehold

    Tenancy

    The property is let in its entirety to John Eliot (Footwear) Limited, trading as Clarks (Dun & Bradstreet Rating: A1). The lease is for a term of 10 years, expiring 26/08/2032 and paying a rent of £20,000 per annum. The current lease is a renewal to an original lease from 2002, the tenant has therefore been in occupation for over 20 years.


    The lease includes an open market, upward only, rent review in 2027 and is within the Security of Tenure provisions of the Landlord and Tenant 1954 Act. There are break options in 2025, 2028 and 2031, terminable with six months notice.

    Planning

    Whilst there are no extant planning consents, there may be potential to convert the upper parts to alternative uses, including residential (subject to existing leases and any requisite consents).

    Rent

    £20,000 per annum

    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).

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      All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

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      No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

      No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

      There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

      Local information

      • South Shields Metro Station - 0.2 miles
      • Waterloo Square Retail Park - 0.2 miles
      • Oyston St Car Park - 0.3 miles
      • Newcastle City Centre - 8.6 miles

      Legal documents

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      EPC rating

      If no EPC rating appears please refer to the legal pack.

      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

      Addendums