Retail property (high street) to rent
Property description & features
LOCATION
The subject property is situated in a central location of Newcastle City Centre, with immediate access from Westgate Road, via Cross Street. The property enjoys good visibility from Westgate Road and is within close proximity of Chinatown, The Gate Leisure Complex and Eldon Square Shopping Centre.
Surrounding occupiers include Tsang Foods Cash & Carry, Nudo Noodle House, Breadpoint, Native Skate and Mail Boxes Etc. Nearby Low Friar Street also supports a number of local occupiers
The property is well served by public transport links including bus, metro and train.
DESCRIPTION
The property comprises a ground floor retail shop unit with glazed timber framed frontage and benefits from external security shutters to the front.
There are shared W.C facilities and bin storage to internal communal service corridor immediately to the rear.
Internally, the property is currently fitted out for the current use as a hair salon, although alternative uses will be considered. The shop unit includes a private internal w.c
ACCOMMODATION
Ground Floor
Front sales area 59.23 sq m (638 sq ft)
Rear store 23.03 sq m (248 sq ft)
TOTAL 82.26 sq m (886 sq ft)
TERMS
Available on a new effectively full repairing and insuring lease for a term to be agreed. Common expenditure to the development will be recoverable via a service charge.
Rent £15,650 per annum exclusive.
Estimated annual service charge for 2024/25 is £2,821.23, including buildings insurance.
OUTGOINGS
The property has a rateable value of £10,750 from 1 April 2023.
Tenants who qualify for Small Business Rates may be entitled to a reduction. However, interested parties should verify this figure and any rates payable with the Local Authority.
VAT
The property is registered for VAT and VAT will be chargeable on rent, insurance and service charge.
LEGAL COSTS
Each party to bear their own legal costs in connection with the preparation and execution of the lease.
OTHER
CODE OF PRACTICE FOR COMMERCIAL LEASES
The Code of Practice for Commercial Leases in England and Wales recommends parties intending to enter into leases should seek advice from professionals or lawyers at an early stage. The Code is available through professional institutions and trade associations or through the website,
VIEWING
Strictly by appointment with YoungsRPS (reference Michael Boaden [use Contact Agent Button]).
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