Reversionary Mixed Retail & Office Investment, Hexham
5 Cattle Market, Hexham, Northumberland North, NE46 1NU
Retail, Investment, Office
4,494 Sq Ft
£425,000 for the Freehold
For Sale
Chris Donabie
Interested in this property?
Please contact me
chrisdonabie@naylors.co.uk 0191 232 7030
Find out more
About the property
The property comprises a mid-terraced three storey building with brick elevations under a dual-pitched tiled roof.
The ground floor retail space is fully utilised by Specsavers and incorporates retail area, stores and staff amenity areas.
The two upper floors consist of vacant office space which have been divided into a number of individual suites and could therefore be utilised by either a single or multiple tenants.
The offices have been recently refurbished by the landlord with specification including LED lighting, electric heating, carpeting and kitchen/WC facilities.
To the rear of the property, with access from Eastgate, there are 4 car parking spaces which are allocated to Specsavers.
Key features
Freehold
Ground floor retail space let to Specsavers Optical Superstores Limited
9.5 years to expiry (4.5 years to break) on Specsavers lease
Low passing rent of £30,000 per annum
Additional income of £3,500 from neighbouring occupier to allow uninterrupted fire escape egress onto car park
Opportunity to capture significant reversion through letting of the refurbished upper offices (ERV £23,520 pa)
Seeking offers over £425,000 exclusive of VAT
This level shows a net initial yield of 9.50% after costs on the Specsavers and licence income when allocating a low £36psf capital value to the upper offices
Potential to capture reversion to over 12.5% upon letting the upper offices
Location
Hexham is a historic and busy market town in Northumberland, with a mix of national and local retail occupiers in its thriving town centre.
Hexham town centre sits within one mile of the dualled portion of the A69 trunk road offering direct access to the A1 and Newcastle upon Tyne approximately 20 miles to the east and Carlisle and the M6 motorway 38 miles to the west.
The property is situated on Cattle Market in the busy retail core of Hexham's town centre to the north side of Priestpopple Street. The property is also adjacent to the pedestrianised Fore Street, the prime retail street in central Hexham, and therefore benefits from significant footfall.
The property is located close to Hexham's main bus station and a short walk from its train station with frequent daily trains east to Newcastle and west to Carlisle.
Hexham has been in a conservation area since 1973 and was last revised in 2009. This to protect the town's high quality historic environment.
Surrounding occupiers include HSBC Bank, Ladbrokes, Greggs, Superdrug, Caffé Nero, Mountain Warehouse, Boots and Costa.
Terms
Freehold.
