No bars, no signal predictedOne bar, reliable signal unlikelyTwo bars, may experience problems with connectivityThree bars, likely to have good coverage and receive a data rate to support basic web servicesFull bars, likely to have good coverage indoors and to receive an enhanced data rate to support multimedia services
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0 bath

Property description & features

  • Tenure: Freehold

LOCATION
The property is situated approximately 1.5 miles west of Blyth town centre, on Cowpen Road (A193), approximately 1 mile east of its junction with the A189 spine road. Blyth is located approximately 13 miles north-east of Newcastle upon Tyne. Blyth has recently been awarded funding of almost £33m across the Future High Streets Fund, Accelerated Towns Fund and the Town Deal.

The property is situated in a predominantly residential area. Nearby occupiers include McDonalds, Aldi, Asda, Howdens and Homebase.

DESCRIPTION
The property comprises a two-storey building of brick, stone and partially rendered construction under a slate covered pitched roof. There is an accessible ramp to the front of the property.

The property was originally a public house but was converted and extended circa 2015 which included the addition of the single-storey retail unit of stone construction under a flat roof. The investment comprises two let ground floor shops and a large flat on the first floor which requires extensive refurbishment.

To the side and rear of the property is a customer car park, and there is also a small loading area to the rear.

ACCOMMODATION
We have measured the property as providing the following net internal areas:

Unit 1 203.88 sq m (2195 sq ft)
Unit 2 92.56 sq m (996 sq ft)*

TOTAL 298.64 sq m (3215 sq ft)

*Unit 2 not inspected. Size obtained from Valuation Office Agency

The former first floor apartment has been measured and provides a gross internal area of 118.94 sq m (1280 sq ft).

TERMS
TENANCIES
Unit 1 was let on 11 November 2022 to Meat Factory Outlet Limited trading as The Hog Roast Deli by way of a 10-year lease expiring 11 November 2032 at an initial rent of £10,000 per annum in year one rising to £20,000 thereafter. There is an upward only rent review on 11 November 2025 and a tenant only break option on 11 November 2027. The vendor will top up the rent to £20,000 per annum. The tenant has paid a £10,000 rent deposit. In 2022, Meat Factory Outlet Limited micro company annual accounts demonstrated assets of over £750k.

Unit 2 is let to Greggs plc by way of a 10-year lease expiring 18 March 2026. The passing rent is £19,000 per annum. In the year to 01 January 2022, Greggs Plc reported revenue of £1.2 billion and an pre-tax profit of £145 million.

There is also a large first floor flat which is self-contained but is in need of refurbishment. This may be suitable for conversion into one or more apartments.

PRICE
Our client’s freehold interest in the property, subject to the existing tenancies is available at £450,000. A sale at the asking rent would equate to a gross initial yield of 8.67%.

The property is to be sold with a covenant preventing the property being used as a convenience store, supermarket, off license and newsagents.

The property is registered for VAT and therefore VAT will be payable on the purchase price. It is anticipated the property will be sold by way of a Transfer of a Going Concern (TOGC).

OUTGOINGS
The property is entered into the 2023 Rating/Council Tax Lists as follows:

Unit 1 Windmill Inn – Ground Floor Shop

Description Shop & premises
Rateable value £20,000

Unit 2 Windmill Inn – Ground Floor Shop

Description Shop & premises
Rateable value £9,800

Flat Band A

VAT
The property is registered for VAT and therefore VAT will be payable on the purchase price

OTHER
ENERGY PERFORMANCE CERTIFICATE

Unit 1 has an EPC rating of B-46.
Unit 2 has an EPC rating of C-60.

The first floor flat is being assessed for EPC purposes.

A copy of the EPC and recommendation reports will be available on request.

VIEWING
Strictly by appointment with sole agent YoungsRPS (reference Paul Fairlamb or Molly Flannigan).

Property information from this agent

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    Broadband availability and predicted speed

    Broadband speed is measured in megabits per second, with the number returned showing how fast the connection is. Each reading is based on the highest predicted speed of any major broadband network for services that deliver the download speeds. The following are the different readings that we may display:

    Basic: Up to 30 Mbit/s
    Super-fast: Between 30 Mbit/s and 300 Mbit/s
    Ultra-fast: Over 300 Mbit/s

    The data is updated three times a year. The checker results are predictions and should not be regarded as guaranteed. For more information, see: https://checker.ofcom.org.uk/en-gb/about-checker#Answer_0_2

    Mobile phone signal availability and predicted strength

    Mobile signal predictions are provided by the four UK mobile network operators: EE, O2, Three and Vodafone. Predictions can vary significantly from the coverage you may actually experience as a result of local factors (especially terrain). Ofcom has tested the actual coverage provided in various locations around the UK to help ensure that these predictions are reasonable. The values shown against a property can be broken down as follows:

    Clear: No bars, no signal predicted
    Red: One bar, reliable signal unlikely
    Amber: Two bars, may experience problems with connectivity
    Green: Three bars, likely to have good coverage and receive a data rate to support basic web services
    Enhanced: Full bars, likely to have good coverage indoors and to receive an enhanced data rate to support multimedia services

    Energy Performance data and Internal floor area

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    *Call rate information

    Calls to 0843 numbers will be charged at 4p/min from BT landlines. Calls from other networks may vary, and calls from mobiles and outside the UK will be higher. Calls to local numbers beginning with 01, 02 and 03 numbers will incur standard geographic charges from landlines and mobiles.