Commercial

Excellent income producing commercial investment available with part vacant possession of one small unit and income when fully let of £52,500. Well located in a very prominent position with frontage to Newbiggin Lane at the junction with Stamfordham Road. Potential for possible increase to the large two storey unit to the front. and excellent scope for future development in this densely populated area within Newcastle with ongoing residential development in nearby Callerton continuing to increase passing trade.

Tenancy Schedule
Available upon request

VAT
We have been advised by our clients accountants that vat should only be payable on the commercial area and not on the residential portion of the buildings. A calculation will be required in this scenario, to ascertain the percentage of the purchase price that will be liable to vat. Prospective buyers must satisfy themselves as to the correct vat position before bidding.

Property details provided by Andrew Craig
EPC rating: N/A
Council Band: N/A
Tenure : Freehold

For Sale By Auction www.agentspropertyauction.com LIVE ONLINE AUCTION 31 July 2024 OPTION 1

Unit A
Description – Ground and First Floor Commercial
Lease – Let to Lucy Brown for 10 Years from 11 Nov 2019
Rent per annum – £15,500
RV – £19,000
EPC – B

Unit B
Description – Ground Floor Commercial
Lease – Vacant
Rent per annum – previously £8,500
RV – £8,300
EPC – B

Unit C
Description – Ground Floor Commercial
Lease – Let to Louise Levy for 10 Years from 23 Sep 2017
Rent per annum – £10,800
RV – £5,800
EPC – C

Flat 4
Description – First Floor Apartment
Lease – Let on AST for 24 Months from 5 Feb 2024
Rent per annum – £9,000
EPC – D

Flat 5
Description – First Floor Apartment
Lease – Let on AST for 12 Months from 30 Oct 2023
Rent per annum – £8,700
EPC – D

Car Park
There is an area of car parking on lease from Northern Electric for a term of 20 years from 29 June 2012 at a passing rental of £1,000 pa. The benefit of this lease is to be assigned together with the freehold interest.

Leases
The commercial leases are on effective FRI terms with a landlord service charge clause in each lease. Each contains a 5 year review clause although it would appear that the review clause for Unit A has not been implemented. We are advised that the rent for Unit C was reviewed as of 25 December 2023. We have copies of leases and AST’s for the apartments within the legal pack for inspection. The car park lease does contain a review clause but we are advised that the passing rent has not been reviewed since commencement.

VAT
We have been advised by our clients accountants that vat should only be payable on the commercial area and not on the residential portion of the buildings. A calculation will be required in this scenario, to ascertain the percentage of the purchase price that will be liable to vat. Prospective buyers must satisfy themselves as to the correct vat position before bidding.

Construction
We have on file planning and building regulations documents detailing the construction of the buildings. The building regulations full plans submission was dated 29 June 2012 and the completion certificate is dated 16 June 2017. There is therefore no asbestos report for the buildings.

Disclaimer 1
The Agents Property Auction have not inspected this property. The property details have been supplied by AC. None of the services have been tested. Measurements, where given, are approximate and for descriptive purposes only. Boundaries cannot be guaranteed and must be checked by solicitors prior to exchanging contracts. The details are provided in good faith, are set out as a general guide only and do not constitute any part of a contract. No member of staff has any authority to make or give representation or warranty in relation to this property.
For sale by auction see www.agentspropertyauction.com

Disclaimer 2
Each auction property is offered at a guide price and is also subject to a reserve price. The guide price is the level where the bidding will commence. The reserve price is the sellers minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price, which may be up to 10% higher than the guide price, is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction. The successful buyer pays a £2000+vat (total £2400) Auction Administration Fee. At your request we can refer you to a North East based Solicitor from our panel. It is your decision whether you choose to deal with them, should you decide to use them you should know that we would receive a referral fee of £180 including Vat from them for the recommendation.

Disclaimer 3
A copy of the title is available upon request, we recommend all potential buyers take legal advice, satisfy their requirements on all matters and have finance in place prior to purchase.

Details awaiting vendors approval.

Disclaimer 4
We are advised by the seller that the property has mains provided gas, electricity, water and sewerage.

The energy performance certificate attached advises the property is brick built and provides further details regarding the property’s construction.

Ofcom website states the average broadband download speed of the fastest package at this postcode: NE5 1LX and mobile coverage is provided by EE, Three, 02 and Vodaphone