Commercial property for sale in Sunderland

DescriptionTraditional 19th century, brick built mid-terrace property, arranged over two storeys with a pitched and tiled roof. The ground floor comprises a retail unit with ancillary staff and storage areas, as well as a small yard at the rear. The first floor is a two bedroom self contained flat with separate external and internal access. LocationThe property is located in the Bishopwearmouth area of Sunderland, to the west of the city centre on the A183 Chester Road, which is a busy arterial road that connects directly with the A19 to the west. The property is situated within a popular neighbourhood retail area that serves the local residents and passing customers. The retail unit is prominently located amongst other complementary businesses, including the adjacent Post Office and a Spar convenience store opposite (connected via a pedestrian crossing). This is a vibrant retail area which is well let. The Sunderland Royal Hospital contributes to steady levels of footfall all year round. Internal DetailsThe ground floor shop unit has a net internal area of 69.1 square metres (744 square feet), including storage and office areas (source: VOA). The shop has an EPC rating C (expiring July 2033). The first floor flat has two bedrooms, a bathroom, lounge and kitchen. The EPC certificate states that it has a gross internal floor area of 89 square metres (958 square feet) and an EPC rating D (expiring June 2025). VATThe property has not been elected for VAT purposes and so VAT will not be chargeable on the purchase price. The OpportunityWe are instructed to seek offers of £189,950 (one hundred and eighty nine thousand, nine hundred and fifty pounds) subject to contract and exclusive of VAT. This price equates to a gross initial yield of 7.16% per annum. TenureFreehold. Land Registry title number TY37608. TenancyThe ground floor shop is let to a private individual, trading as ‘Park Lane Cards & Gifts’, on the terms of a five year lease which is holding over from 22 May 2023 at the current rent of £7,000 per annum. No notices have been served under the Landlord & Tenant Act 1954. The first floor flat is let on an Assured Shorthold Tenancy at a current rent of £550 per calendar month (£6,600 per annum). Business RatesThe tenant is responsible for all outgoings including business rates. For information, the Rateable Value of the ground floor retail unit is £6,500. Energy Performance Certificates EPC 1

Commercial property for sale in Sunderland, England

Commercial property for sale

Description

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