Primrose Yard, Westerhope, Newcastle Upon Tyne

FOR SALE BY WAY OF ONLINE AUCTION - ON 31ST OF JULY 2024. Terms and Conditions apply. See Agents Property Auctions Website for full details.

Excellent income producing commercial investment available with part vacant possession of one small unit and income when fully let of £52,500. Well located in a very prominent position with frontage to Newbiggin Lane at the junction with Stamfordham Road. The property comprises of Three Commercial Unitsand Two Residential Flats. Potential for possible increase to the large two storey unit to the front and excellent scope for future development in this densely populated area within Newcastle with ongoing residential development in nearby Callerton continuing to increase passing trade.
Tenancy Schedule
Property Comprises of:

Unit A
Description - Ground and First Floor Commercial
Lease - Let to Lucy Brown for 10 Years from 11 Nov 2019
Rent per annum - £15,500
RV - £19,000
EPC - B

Unit B
Description - Ground Floor Commercial
Lease - Vacant
Rent per annum - previously £8,500
RV - £8,300
EPC - B

Unit C
Description - Ground Floor Commercial
Lease - Let to Louise Levy for 10 Years from 23 Sep 2017
Rent per annum - £10,800
RV - £5,800
EPC - C

Flat 4
Description - First Floor Apartment
Lease - Let on AST for 24 Months from 5 Feb 2024
Rent per annum - £9,000
EPC - D

Flat 5
Description - First Floor Apartment
Lease - Let on AST for 12 Months from 30 Oct 2023
Rent per annum - £8,700
EPC - D

Full Tenancy Schedule available upon request.
Car Park
There is an area of car parking on lease from Northern Electric for a term of 20 years from 29 June 2012 at a passing rental of £1,000 pa. The benefit of this lease is to be assigned together with the freehold interest.
Leases
The commercial leases are on effective FRI terms with a landlord service charge clause in each lease. Each contains a 5 year review clause although it would appear that the review clause for Unit A has not been implemented. We are advised that the rent for Unit C was reviewed as of 25 December 2023. We have copies of leases and AST's for the apartments within the legal pack for inspection. The car park lease does contain a review clause but we are advised that the passing rent has not been reviewed since commencement.
Tenure
We are selling our clients Freehold interest together with the benefit of the leased car park.
VAT
We have been advised by our clients accountants that vat should only be payable on the commercial area and not on the residential portion of the buildings. A calculation will be required in this scenario, to ascertain the percentage of the purchase price that will be liable to vat. Prospective buyers must satisfy themselves as to the correct vat position before bidding.
Construction
We have on file planning and building regulations documents detailing the construction of the buildings. The buiding regulations full plans submission was dated 29 June 2012 and the completion certificate is dated 16 June 2017. There is therefore no asbestos report for the buildings.
Viewing
Strictly by appointment only via Andrew Craig Commercial or Agents Property Auction.
Tenure
We will provide as much information about tenure as we are able to and in the case of leasehold properties, we can in most cases provide a copy of the lease. They can be complex and buyers are advised to take legal advice upon the full terms of a lease. Where a lease is not readily available we will apply for a copy and this can take time.
Broadband & Mobile Coverage
The Ofcom website states the average broadband download speed of 6 Mbps and a maximum download speed of 80 Mbps at this postcode: NE5 1LX and mobile coverage is provided by EE, Three, O2 & Vodafone. The checker results are predictions and should not be regarded as guaranteed.
The Agent Of The North
Andrew Craig is The Agent of the North and as Chartered Surveyors we can help you with all your Residential and Commercial property needs. Sales, Conveyancing, Lettings, Property Management, Surveys and Valuations. Call now on

Each auction property is offered at a guide price and is also subject to a reserve price. The guide price is the level where the bidding will commence. The reserve price is the sellers minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price, which may be up to 10% higher than the guide price, is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction. The successful buyer pays a £2000.00+VAT (total £2400.00) Auction Administration Fee. Joint Agent The Agents Property Auction Ltd. Tel:
Money Laundering Regulations
Please note that any offers will require you to be financially verified, meaning you'll need to provide us sight of a mortgage in principle, proof of deposit funds, and proof of cash. You'll also need to provide us with full chain details including agents and solicitors down the chain. To comply with Money Laundering Regulations all buyers will be required to provide us with proof of identification before we can issue acceptance letters and solicitors are instructed.
Material Information
The information provided about this property does not constitute or form part of an offer or contract, nor may it be regarded as representations. All interested parties must verify accuracy and your solicitor must verify tenure and lease information, fixtures and fittings and, where the property has been recently constructed, extended or converted, that planning/building regulation consents are in place. All dimensions are approximate and quoted for guidance only, as are floor plans which are not to scale and their accuracy cannot be confirmed. Reference to appliances and/or services does not imply that they are necessarily in working order or fit for purpose. We offer our clients an optional conveyancing service, through panel conveyancing firms, via Move With Us and we receive on average a referral fee of one hundred and ninety four pounds, only on completion of the sale. If you do use this service, the referral fee is included within the amount that you will be quoted by our suppliers. All quotes will also provide details of referral fees payable.

EPC Rating: D-B