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    Key features

    • High Yielding Retail Investment
    • Let to New Look on a New Five Year Lease
    • Rebased Rent of £25,000 per annum
    • Additional 5% of Turnover Payable as Additional Rent
    • Annual Turnover Rent Estimated at additional £20,000 per annum
    • Established Retail Location
    • Guide Price Reflects 17.86% Gross Yield
    • Guide Price Reflects 32.14% Gross Yield Including Estimated Turnover Rent

    Description

    The property comprises a high yielding investment opportunity situated on a popular retail street.

    Arranged across ground and first floors, the property is fully let to New Look Retailers Limited on a new five year lease from October 2023. The passing rent is £25,000 per annum with additional rent payable equivalent to 5% plus VAT of the store turnover. We understand the store turnover in September 2023 was £34,858.33 exclusive of VAT, which would equate to £1,742.91 in additional rent for September alone.

    Station Road is the principal retail amenity of Ashington and is predominantly pedestrianised. Local occupiers include Heron Foods, Superdrug, Boots and Iceland with an Asda Superstore in close proximity.

    Additional information

    Tenure

    Freehold

    Tenancy

    The property is fully let to New Look Retailers Limited on a new five year lease from October 2023, there are therefore approximately five years unexpired. The passing rent is £25,000 per annum with additional rent payable equivalent to 5% plus VAT We understand the store turnover in September 2023 was £34,858.33 exclusive of VAT, which would equate to £1,742.91 in additional rent for September alone and approximately £20,000 per annum.

    The lease is on full repairing and insuring terms.

    Rent

    £25,000 per annum - Plus 5% Turnover Rent
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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.

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

      Local information

      • Asda Superstore - 0.2 miles
      • Blyth - 7.1 miles
      • Newcastle-upon-Tyne - 16.7 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