520 - 528 Durham Road, Gateshead, Tyne And Wear, NE9 6HU
Located on popular suburban retail location
Freehold
Additional 'peppercorn' tenants on long leases (expiring 2116)
Passing Rent £24,800 per annum exclusive
Seeking offers over £285,000 which shows a 8.44% Net Initial Yield after purchaser costs
No VAT
Chris Donabie
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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 are a number of public car parks in close proximity.
Description
The property consists of two single storey retail units facing onto Durham Road.
The Coral betting shop consists of a betting floor to the front of the shop with tills, WCs and a Kitchenette to the rear.
Jamms Barbers consists of an active barbers at the front of the shop with storage, WCs and Kitchenette facilities at the rear.
The freehold title includes three peppercorn long leasehold properties which are detailed below.
Terms
Unit 526 is let to Coral Racing Limited, for a term expiring 7th March 2026. The passing rent is £12,800 per annum excluding VAT. They have occupied the unit since 2016.
Unit 524 is let to Gummy Limited but assigned to Mr J Salahi (Jamms Barbers). The lease was renewed for a further 5 years commencing from 2nd April 2024 and expiring on 1st April 2029. The annual rent is £12,000 per annum excluding VAT.
520 and 522 Durham Road is let on a 125-year peppercorn lease from 24th December 1991.
528 Durham Road is let to Trustees of the Associates Club for a term of 125 years from 24th December 1991 at a peppercorn rent.
Total income is £24,800 per annum.