The subject property is an end terrace two storey building, with a ground floor retail unit with a 3 bedroom flat to the rear and first floor. There flat has separate access from the side on York Street, and a yard to the rear. We have been advised the shop is currently let and generating an income of 8,400 per annum and the flat is rented for 695 per calendar month. Total income approx 16,740 per annum.
It could also be possible to purchase the shop and flat separately.
The property is located on Frazer Terrace, Gateshead. This location is an established area east of Gateshead centre provided a reasonable level of services and facilities.
Ground floor: Retail unit
nia 41.6sqm (447.8sqft)
Please note that this size is sourced from voa and we have not yet gained access to the ground floor.
First floor: Residential accommodation
Kitchen: 9.6sqm (103.3sqft)
Lounge: 20.6sqm (221.5sqft)
Bathroom: 6.8sqm (73.3sqft)
Bedroom one: 18.5sqm (198.7sqft)
Bedroom two: (11.2sqm (120.0sqft)
Bedroom three: (7.8sqm (84.6sqm)
Freehold. Title would need to be split should retail be sold separately to residential element.
We have been advised the ground floor retail is currently let to Meet & Greet, a cards/gifts business at 8,400 per annum. The flat is rented at 695 per calendar month. Total income approx 16,740 per annum.
The adopted rateable value is 2,950 as of 1st April 2017.
Sourced from voa.
Available upon request.
We are advised that VAT is not applicable on this transaction.
For further information please contact our office direct on , or alternatively via e-mail on . With regards to viewing the subject property, this is to be done strictly by appointment through Keith Pattinson Commercial department. Please contact us to arrange an internal inspection, or to register your interest.