INVESTMENT, 7-13 Gilkes Street, Middlesbrough TS1 5ET
£198.98 per sq ft
Business rates & charges may apply
- SIZE AVAILABLE
3,141 sq ft
292 sq m
- SECTOR
High street retail property for sale
Key features
- Retail Investment For Sale
- 4 Shops
- Multi-let Investment
- 4 Tenants including Cooplands/EG Group
- Total Net Income £82,500 pax
Description
INVESTMENT SUMMARY
• Multi let retail investment close to Linthorpe Road Middlesbrough
• Rents rebased with asset management angles on regearing Cooplands unit.
• Let to 4 tenants including Cooplands/EG Group
• Total net income £82,500 pax
• We are instructed to seek offers of £625,000 (Six Hundred and Twenty Five Thousand Pounds exclusive), subject to contact and exclusive of VAT.
A purchase at this level reflects an attractive Net Initial Yield of 12.57% assuming standard Purchaser’s costs of 5.02%.
The subject property is located in Gilkes Street close to the intersection with Linthorpe Road - the pedestrianised western side of the town centre retail pitch. The property is located immediately opposite Greggs and Thomas the Baker and adjacent to the transformed Captain Cook Square project a vibrant and exciting entertainment, dining and leisure quarter in the heart of Middlesbrough including Level X, a bowling alley and go-karting venue and The Wired Lobby, esports and gaming arena.
The property comprises a mid-terraced block of brick construction and pitched slated roofs. The 4 individual shops provide ground floor sales with first floor stores /office WCs. The self-contained first and second floors are accessed separately from Linthorpe Road and have been sold off on a long leasehold interest. The property benefits from rear access by way of a loading alleyway within the ownership.
PRICE
We are instructed to seek offers of £625,000 (Six Hundred and Twenty Five Thousand Pounds exclusive), subject to contact and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of 12.57% assuming standard Purchaser’s costs of 5.02%.
The property is elected for VAT which will therefore be payable on the purchase price. It is envisaged that the sale will be treated as a Transfer of a Going Concern (TOGC).
Accommodation:
Shop 7: 840.00 sqft
Shop 9: 817.00 sqft
Shop 11: 745.00 sqft
Shop 13: 739.00 sqft
Total: 3,141.00 sqft
Brochures
INVESTMENT, 7-13 Gilkes Street, Middlesbrough TS1 5ET
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Middlesbrough Station0.3 miles
- South Bank Station2.5 miles
- Billingham Station2.7 miles
About Connect Property North East Ltd, Stockton-On-Tees
4 Halegrove Court Cygnet Drive Preston Farm Business Park TS18 3DB
Connect Property North East is a niche practice of Chartered Surveyors. We provide agency and property advice throughout the North East & Yorkshire.
We are passionate about property and getting the best results for our clients, both new and existing. We are experts in the Retail, Office, Industrial, Investment and Development sectors. Our direct and personal approach to all the work we undertake has built trust and long term relationships with our clients.
Thanks to our industry c
Notes
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