UNDER OFFER
25-35 Marygate & 17-19 Eastern Lane, Berwick-Upon-Tweed, Northumberland, TD15 1AT
Offers in Region of
£595,000
Business rates & charges may apply
- SIZE
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- SECTOR
Mixed use property for sale
Description
Mixed Use Investment Portfolio
Three high street retail units, a Chinese restaurant and takeaway and car park.
Mixed portfolio with asset management prospects.
Tenants include Barnados, Hays Travel Limited and Northumberland County Council.
Off public road service area to rear of retail units.
Additional car parking and circulation space let to NCC as part of The Maltings car park.
Current income of £44,015pa (shortly to increase to £45,505pa) with one shop currently vacant and to let.
Location
Berwick upon Tweed is the main commercial centre for North Northumberland and the Eastern Borders and has a resident population of approximately 14,000. The town is situated at the mouth of the River Tweed on the east coast, approximately 56 miles south east of Edinburgh and 65 miles north of Newcastle upon Tyne. It is served by both the A1(T) and by the mainline East Coast Railway network.
The town and its hinterland are steeped in history consequent on over 400 years of Border wars between the kingdoms of England and Scotland and the town has various notable architectural features, in particular the medieval town walls and Elizabethan ramparts, the Georgian Town Hall and Britain's earliest Barracks, which date from the early 18th century.
Modern Berwick is an attractive traditional market town which offers a range of retail, leisure and banking services and which is now a significant tourist destination, particularly in the busy summer months, but increasingly throughout the year. There is an active commercial harbour and an increasing throughput of cruise ships.
Situation
The portfolio is located towards the lower end of Marygate between the Santander Bank and Sports Direct and is approximately 60 metres from the junction of Marygate with Hide Hill, Woolmarket and Church Street. The Maltings theatre, cinema and restaurant and The Maltings public car park are situated to the rear. The Maltings is scheduled for demolition in 2024 with a view to replacing it with a larger multi-purpose cultural and entertainment complex which is being funded principally from the Borderlands Inclusive Growth Deal. The work is scheduled to complete in 2026.
Marygate is the town's principal retail area. Occupiers include Boots, WH Smith, Mountain Warehouse, Clarks, Greggs, Holland & Barrett, Vision Express New Look, Ladbrokes, Costa Coffee and Caffe Nero.
Description
The complex is a part single storeyed, mainly two storeyed property thought to have been constructed in the mid-1960s mainly out of brick under pitched roofs covered in interlocking concrete tiles with flat, mainly asphalt covered roofs to the rear.
The main store (No's 25-29) is let to Barnados on a new 10 year lease commencing on 18 August 2023.
No 31 is now let to Hays Travel Limited which bought out the previous tenant, Thomas Cook, in 2019. Again a new lease has recently been completed.
No 33 was previously occupied by Claire's Accessories and is now vacant and to let at an asking rent of £9,500pa.
No 35 comprises the first floor premises above No's 25-33. It has a separate access off Marygate and has traded as a Chinese restaurant and takeaway for over 45 years. Terms for a new lease have been agreed and completion is expected imminently.
17-19 Eastern Lane comprises the extensive yardage and car parking area to the rear of 25-35 Marygate. The three retail units benefit from shared vehicular access off Eastern Lane to the rear of the three shops and this provides an extremely useful off-street unloading facility and limited staff parking.
The main car parking area extends to very approximately 477m2 and includes five parking spaces and extensive circulation space. This property is currently licenced to Northumberland County Council at an annual licence fee of £10. Terms have been agreed to lease the property to Northumberland County Council on a ten year term at £1,500pa.
Additionally, there is a ground lease in favour of SSEB in respect of an electricity substation.
Services
Mains water, electricity and drainage with, additionally, mains gas to No 35.
Tenure
Freehold.
Designations
None of the properties are listed, but the entire complex lies within the town's Conservation Area.
VAT
The property is opted tax and VAT will be payable on the purchase price.
Information Pack
A CD will be made available to genuine prospective purchasers on the signature of a Confidentiality Agreement. This includes further detailed information on the property portfolio.
Viewings
Strictly by appointment with the selling agents, Edwin Thompson LLP, Chartered Surveyors.
Three high street retail units, a Chinese restaurant and takeaway and car park.
Mixed portfolio with asset management prospects.
Tenants include Barnados, Hays Travel Limited and Northumberland County Council.
Off public road service area to rear of retail units.
Additional car parking and circulation space let to NCC as part of The Maltings car park.
Current income of £44,015pa (shortly to increase to £45,505pa) with one shop currently vacant and to let.
Location
Berwick upon Tweed is the main commercial centre for North Northumberland and the Eastern Borders and has a resident population of approximately 14,000. The town is situated at the mouth of the River Tweed on the east coast, approximately 56 miles south east of Edinburgh and 65 miles north of Newcastle upon Tyne. It is served by both the A1(T) and by the mainline East Coast Railway network.
The town and its hinterland are steeped in history consequent on over 400 years of Border wars between the kingdoms of England and Scotland and the town has various notable architectural features, in particular the medieval town walls and Elizabethan ramparts, the Georgian Town Hall and Britain's earliest Barracks, which date from the early 18th century.
Modern Berwick is an attractive traditional market town which offers a range of retail, leisure and banking services and which is now a significant tourist destination, particularly in the busy summer months, but increasingly throughout the year. There is an active commercial harbour and an increasing throughput of cruise ships.
Situation
The portfolio is located towards the lower end of Marygate between the Santander Bank and Sports Direct and is approximately 60 metres from the junction of Marygate with Hide Hill, Woolmarket and Church Street. The Maltings theatre, cinema and restaurant and The Maltings public car park are situated to the rear. The Maltings is scheduled for demolition in 2024 with a view to replacing it with a larger multi-purpose cultural and entertainment complex which is being funded principally from the Borderlands Inclusive Growth Deal. The work is scheduled to complete in 2026.
Marygate is the town's principal retail area. Occupiers include Boots, WH Smith, Mountain Warehouse, Clarks, Greggs, Holland & Barrett, Vision Express New Look, Ladbrokes, Costa Coffee and Caffe Nero.
Description
The complex is a part single storeyed, mainly two storeyed property thought to have been constructed in the mid-1960s mainly out of brick under pitched roofs covered in interlocking concrete tiles with flat, mainly asphalt covered roofs to the rear.
The main store (No's 25-29) is let to Barnados on a new 10 year lease commencing on 18 August 2023.
No 31 is now let to Hays Travel Limited which bought out the previous tenant, Thomas Cook, in 2019. Again a new lease has recently been completed.
No 33 was previously occupied by Claire's Accessories and is now vacant and to let at an asking rent of £9,500pa.
No 35 comprises the first floor premises above No's 25-33. It has a separate access off Marygate and has traded as a Chinese restaurant and takeaway for over 45 years. Terms for a new lease have been agreed and completion is expected imminently.
17-19 Eastern Lane comprises the extensive yardage and car parking area to the rear of 25-35 Marygate. The three retail units benefit from shared vehicular access off Eastern Lane to the rear of the three shops and this provides an extremely useful off-street unloading facility and limited staff parking.
The main car parking area extends to very approximately 477m2 and includes five parking spaces and extensive circulation space. This property is currently licenced to Northumberland County Council at an annual licence fee of £10. Terms have been agreed to lease the property to Northumberland County Council on a ten year term at £1,500pa.
Additionally, there is a ground lease in favour of SSEB in respect of an electricity substation.
Services
Mains water, electricity and drainage with, additionally, mains gas to No 35.
Tenure
Freehold.
Designations
None of the properties are listed, but the entire complex lies within the town's Conservation Area.
VAT
The property is opted tax and VAT will be payable on the purchase price.
Information Pack
A CD will be made available to genuine prospective purchasers on the signature of a Confidentiality Agreement. This includes further detailed information on the property portfolio.
Viewings
Strictly by appointment with the selling agents, Edwin Thompson LLP, Chartered Surveyors.
Energy Performance Certificates
EPC - 25-29 MarygateEPC - 31 MarygateEPC - 33 MarygateEPC - 35 MarygateBrochures
25-35 Marygate & 17-19 Eastern Lane, Berwick-Upon-Tweed, Northumberland, TD15 1AT
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Berwick-upon-Tweed Station0.5 miles
About EDWIN THOMPSON, Berwick
44-48 Hide Hill, Berwick-Upon-Tweed, TD15 1AB
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