Acquired
Ashington – Charity Shop and Dance Studio
42/44 Station Road, Ashington, Northumberland NE63 9UJFreehold Retail Investment
Tenure
Freehold
Lease Term
15 Years
Years Left on Lease
11y 7m
Area
6,862 SQ FT
VAT Applicable
Yes
Sector
Investment Consideration
- Comprises charity shop at ground and first floor and self-contained dance studio at second floor
- Total area size of 637.50 sq m (6,862 sq ft)
- Nearby occupiers include Lloyds Bank, Halifax Bank, Wilko, Argos, Heron Foods and others.
Key Features
Tenure
Freehold
VAT
VAT is Applicable
Property Description
The property is arranged on ground and two upper floors to provide a ground and first floor charity shop with self-contained dance studio at second floor.
The property provides the following accommodation and dimensions:
Ground Floor: Shop 283.90 sq m (3,056 sq ft)
First Floor: Ancillary 235.20 sq m (2,532 sq ft)
Second Floor: Dance Studio 118.40 sq m (1,274 sq ft)
Total area size: 637.50 sq m (6,862 sq ft)
The property provides the following accommodation and dimensions:
Ground Floor: Shop 283.90 sq m (3,056 sq ft)
First Floor: Ancillary 235.20 sq m (2,532 sq ft)
Second Floor: Dance Studio 118.40 sq m (1,274 sq ft)
Total area size: 637.50 sq m (6,862 sq ft)
Tenancy Description
The ground/first floor shop is at present let to Sense, The National Deafblind and Rubella Association for a term of 15 years from 11th July 2021 at a current rent of £25,000 per annum and the lease contains full repairing and insuring covenants. Rent review linked to RPI every 5th year (subject to a 1% collar and 3% cap per annum and 10% cap in each 5 year period). Tenant option to determine in September 2026 and September 2031, subject to a penalty of £24,000 if exercised in September 2026.
The second floor premises are at present let to The Gladwin School of Dance and Drama (t/a Dance Studio) for a term of 15 years from 6th October 2021 at a current rent of £3,000 per annum and the lease contains full repairing and insuring covenants. Rent review linked to RPI every 5th year. No break clause.
Tenant Background:
Website: www.sense.org.uk. For the year end 31st March 2020 Sense, The National Deafblind and Rubella Association reported a pre-tax loss of £3,265,000 shareholders funds and a net worth of £31,663,000
The second floor premises are at present let to The Gladwin School of Dance and Drama (t/a Dance Studio) for a term of 15 years from 6th October 2021 at a current rent of £3,000 per annum and the lease contains full repairing and insuring covenants. Rent review linked to RPI every 5th year. No break clause.
Tenant Background:
Website: www.sense.org.uk. For the year end 31st March 2020 Sense, The National Deafblind and Rubella Association reported a pre-tax loss of £3,265,000 shareholders funds and a net worth of £31,663,000
Tenancies & Accommodation
Location Description
Ashington is a town and civil parish in Northumberland, England. The town is 15 miles north of Newcastle upon Tyne, west of the A189 and bordered to the south by the River Wansbeck. The town is served by local Arriva North East and Go North East buses linking to the rest of Northumberland and to Newcastle. National Express services also arrive and depart from the central bus station. Ashington is well served by roads. The A189 (Spine Road) to the east of Ashington runs south via Blyth and North Tyneside to Newcastle, and via the A19 Tyne Tunnel to South Tyneside and the A1(M). The A189 also runs north along the coast to Alnwick and Berwick. The A196 runs west towards Morpeth and the A1 which goes north to Scotland and Edinburgh or south to the A1(M) near Newcastle on towards Durham and Yorkshire and the South. Nearby occupiers include Lloyds Bank, Halifax Bank, Wilko, Argos, Heron Foods and others.
