Withdrawn
Withdrawn Prior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 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.
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
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).