Units 1-3 Penn Street, Newcastle upon Tyne, Tyne and Wear, NE4 7BG

Lot Image

Auction sale - Monday 13th July 2015

Result:

Sold for £203,000.

Upon the instructions of


  • Freehold ground rent investment
  • Producing £6,150 per annum
  • Reversions in 54 years
  • Reviews outstanding
  • Part trading as Greggs

Details

Location

The city of Newcastle upon Tyne is located on the banks of the River Tyne and alongside the A1 and A19 trunk roads so providing easy access to the north and the south. The A69 runs east to Carlisle following the line of Hadrian's Wall. The city has a population of around 300,000 and two leading universities with over 55,000 students as well as two major regional hospitals and a premier league football club, and attracts over 20 million visitors a year.
The city has enjoyed much regeneration including the Quayside and ongoing Science Central redevelopment. The city lies on the main east coast rail line and is served by its own metro rail services and an international airport. The property lies within the busy Scotswood Road Industrial Estate, close to the city centre.

Description

The property comprises a detached single storey building within a site of approximately 13,600 sq ft (1,263.47 sq m) with two road frontages. The property is occupied in two parts, with a Greggs takeaway unit and car park at the front and vehicle workshop and large secure yard at the rear.

Tenure

Freehold.

Planning Authority

Newcastle City Council (0191 278 7878) www.newcastle.gov.uk.

VAT

VAT is not applicable to this lot.

Energy Performance Certificate

No EPC required.

Address Accommodation Tenant Lease Terms Rent £ pa
TOTAL £6,120
Site A (front) Site B (rear) Single storey building set in 7,800 sq ft (724.64 sq m) Open yard/parking 5,750 sq ft (534.19 sq m) Street Fleet MOT Services Ltd (1) Street Fleet MOT Services Ltd (2) 99 years from 01/11/1970 (54 years to reversion) 82 years from 03/08/1987 (54 years to reversion) £2,600 £3,520
(1) The lease is subject to 21 yearly reviews with the 2012 rent review outstanding.
(2) The lease is subject to 5 yearly reviews with the 2012 rent review outstanding.

Contact

Seller's solicitor

Newcastle Legal Services

Danielle Hadden

0191 211 5161

danielle.hadden@newcastle.gov.uk

* Guide price

The guide price is an indication of the minimum price at which, or if a guide price range is given, within which, the seller is prepared to sell at the date of publication. The guide price is not an anticipated sale price or valuation. All prices quoted are subject to contract.

* Reserve price

The reserve price is the minimum price acceptable to the seller and the price below which the auctioneer cannot sell.

Both the guide and reserve may be subject to change up to and including the day of the auction. The guide price does not include either VAT which may apply to the sale or other amounts the seller may charge. The seller’s Special Conditions of Sale and addendum if any, will state whether there are other seller’s charges and whether the seller has elected to charge VAT on the sale price. On the fall of the hammer a buyer’s fee is payable of £990 inclusive of VAT.

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