Retail premises for sale

Location

The property is situated in a prime position on the north side of Wellington Street located between the principal shopping areas of Wellington Square and Stockton High Street.

This is a central location popular with both local, regional and national retailers and nearby occupiers include; Thirteen Group, CeX, Vision 25, Max Spielman, Barclays Bank and Heron Foods.

Wellington Street has heavy footfall due its position between Wellington Square Car Park and the main public transport links of the town centre.

Description

The property comprises a mid-terraced, two storey, building arranged to provide a ground floor retail unit together with integral ancillary accommodation at first floor level.

Previously occupied by Newboulds Butchers, for a number of years, the property is now let as a health store and benefits from dumbwaiter and first floor cold store.

Accommodation
The property provides the following accommodation approximately:

Ground Floor
Sales Area: 73.52 sq m ( 791 sq ft)

First Floor
Various Store Rooms: 65.42 sq m ( 704 sq ft)
Wc's

Total: 138.94 sq m ( 1,495 sq ft)

Tenure

The property is let to Protein Superstore on Full Repairing and Insuring terms at an annual rent of £7,500 per annum exclusive for a period of 5 years expiring 30 October 2026. The tenant has been in occupation at the property since 2016 and renewed the lease from 2021.

A copy of the lease is available on request.

Proposed terms

Offers are invited in the region of £82,500 for the freehold interest subject to the existing lease which would show a purchaser a gross initial yield of 9.1%.

Business rates

The property has a Rateable Value of £7,600 and therefore qualifies for Small Business Rates relief. To determine the exact rates payable we would advise getting in contact with Stockton Borough Council.

Legal costs

Each party will be responsible for their own legal costs in connection with the transaction.

Enquiries

All enquiries and viewing arrangements are to be directed through Thomas Stevenson.

Contact Jack Robinson

Viewing

Viewings can be arranged by contacting Thomas : Stevenson direct.

Subject to Contract.