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    Key features

    • High Yielding Retail Investment
    • Let to a Private Individual t/a Lush Tanning
    • Lease Expires 21.09.2025
    • Asset Management Potential Via Renewal
    • Approx. 1,286 sq ft (119.5 sq m)
    • Investment Let at £6,000 p.a. (16% GIY on Guide Price)

    Description

    The property comprises a high yielding retail investment with evident asset management potential located within an established residential area.

    Arranged as a ground floor retail unit totalling approx. 1,286 sq ft (119.5 sq m), the property is let to a private individual t/a Lush Tanning on a three year lease expiring 21.09.2025 and paying £6,000 per annum.

    We consider the property may benefit from asset management potential via renewal of the lease and improvement of rents. The nearby 133 Lumley Close is currently let at £6,500 per annum reflecting £9.48 per sq ft. A letting of the subject property at this level would reflect approx £12,000 per annum.

    The property comprises part of the principal retail amenity for the surrounding residential area. Furthermore the property fronts the only pedestrian route crossing the A182 and providing access to the Galleries Shopping Centre.

    Additional information

    Tenure

    Leasehold - Held on a term of 99 years from 7.11.2014 expiring 6.11.2113 at a peppercorn rent.

    Rent

    £6,000 per annum
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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.

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      Local information

      Washington is a large town within the metropolitan borough of Sunderland, Tyne & Wear, located 7.3 miles west of Sunderland city centre and 8.1 miles southeast of Newcastle city centre. The property, situated on Lumley Close, is just across the A182, approximately 0.7 miles from The Galleries shopping centre, which is home to national retailers such as Sainsbury's, Boots, and Nationwide.

      Transport

      Road

      Washington benefits from excellent road connections, with easy access to the A1 (M), A19, and A690, which link the area to Sunderland, Newcastle, and Durham.

      Rail

      Washington is situated 7.9 miles from Sunderland Railway Station

      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.

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