Acquired
Haltwhistle – Shop & Ground Rent
4/4a Central Place, Haltwhistle, Northumberland NE49 0DFFreehold Retail & Residential Ground Rent Investment
Tenure
Freehold
Lease Term
5 Years
Years Left on Lease
8m
Area
2,000 SQ Ft
VAT Applicable
No
Sector
Investment Consideration
- Comprises ground floor shop with ancillary at basement and 3-bed maisonette above (sold-off)
- Asset management opportunity. Shop under rented.
- Lease expires on 31st July 2025 with rent review on 30th July 2025 open market, upward only.
- Nearby occupiers include hair salon, takeaway and number of other local retailers
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
Three storey end-of-terrace building comprising ground floor shop with basement and 3-bed maisonette above (sold-off), providing the following accommodation and dimensions:
Ground Floor: Shop 135 sq m (1,450 sq ft)
Basement: Ancillary 50 sq m (540 sq ft)
First & Second Floor: Maisonette (Sold-off)
Ground Floor: Shop 135 sq m (1,450 sq ft)
Basement: Ancillary 50 sq m (540 sq ft)
First & Second Floor: Maisonette (Sold-off)
Tenancy Description
The ground floor shop is at present let to Swift Resolution Debt Recovery Limited for a term of 5 years from 20th July 2020 at a current rent of £7,200* per annum and the lease contains full repairing and insuring covenants. Lease expires on 31st July 2025 with rent review on 30th July 2025 open market, upward only. Break clause in July 2022 NOT exercised. Shop under rented. Asset management opportunity to review rent upon lease reversion.
The first/second floor maisonette has been sold-off on long leasehold for a term of 150 years from 20th May 2022 at a ground rent of peppercorn.
The first/second floor maisonette has been sold-off on long leasehold for a term of 150 years from 20th May 2022 at a ground rent of peppercorn.
Tenancies & Accommodation
Location Description
The property is located in the town of Haltwhistle, which lies on the route of the A69 Trunk Road, approximately 37 miles west of Newcastle upon Tyne and 21 miles east of Carlisle. The town also lies on the main Newcastle to Carlisle railway line. The property lies in a secondary retail location, with nearby occupiers including beauty salons and hot food takeaways. Other occupiers in the town include Sainsbury’s and Boots the Chemist as well as a number of local businesses.
