Retail Investment, Gateshead
477/479 Durham Road, Gateshead, Tyne And Wear, NE9 5EX
Retail, Investment
7,511 Sq Ft
£675,000 for the Freehold
For Sale
Under Offer
Chris Pearson
Interested in this property?
Please contact me
chrispearson@naylors.co.uk 0191 211 1555
Chris Donabie
Interested in this property?
Please contact me
chrisdonabie@naylors.co.uk 0191 232 7030Find out more
About the property
The retail store has been recently refurbished and the first floor premises are used for storage use with a goods lift.
Key features
Prominent Retail Unit
Popular suburban retail location
Let to Heron Foods Ltd
£675,000 equating to 6.33% after costs
Freehold
No VAT
Location
The property is located on the east side of the busy and popular Durham Road in the affluent suburb of Low Fell, Gateshead. Nearby retail operators include Greggs, Co-Op and Savers together with many successful local traders and leisure operators. There is the Lowrey's Lane car park nearby.
Terms
The entire property is let to Heron Foods Ltd who have been in occupation for over 30 years on a new lease dated 15th January 2024 for a term to expire on the 14th January 2034, subject to a tenant only break clause on the 14th January 2029. The current passing rent is £45,000 per annum exclusive.
There is an upwards only rent review on the 15th January 2029 with a maximum uplift to 12.5% i.e £50,625 per annum exclusive.
Heron Foods Ltd have a Delphi score of 100 i.e Very Low Risk.
