Green Lane South Shields

An opportunity to purchase a pair of shops with substantial residential accommodation above situated close to South Shields town centre and within easy reach of the Metro. The property comprises two shops and a large first and second floor flat. Current rental income is £20,000 per annum and there is obvious scope for increasing this by letting the vacant area.

LOCATION
South Shields is a popular coastal location approximately 8 miles from Newcastle upon Tyne city centre and 6 miles from Sunderland. The property is in a prominent main road location to the south of South Shields town centre. The property is situated on Green Lane around a mile south of South Shields town centre. It is located in a mixed retail and residential area and is well served by local bus routes and is less than half a mile from Chichester Metro Station. South Tyneside Hospital is also close by.

DESCRIPTION
The property is a pair of ground floor shops both fitted out as takeaways with a customer waiting and sales area and a kitchen to the rear. The shops could be used for a variety of uses and is offered for sale with the benefit of the occupational leases to Units 1and 2 with vacant possession of the remainder.

ACCOMMODATION
Unit 1 64.1 sq m (Currently let on a 7 year lease at £8,000 rising to £10,000 in 3 years)

Unit 2 56.5 sq m (Currently let on a 15 year lease at £12,000 per annum

First and second floor flat (currently used for storage)

Comprising 5 rooms at first floor and 2 rooms at second floor

There is a kitchen at first floor and separate bathrooms to first and second floors

AMENITIES
The property has mains gas central heating with 3 combi boilers

Mostly uPVC double glazing to upper floors

Electric roller shutters to the front shops, the yard and the rear elevations

There is a small yard to the rear with secure parking for one car

SERVICES
Mains gas and mains drains

TERMS
Property is available on a freehold basis subject to the occupational lease of Units 1 and 2

The asking price is Offers in the Region of £350,000

OUTGOINGS
Rateable value

Under current business rates rules many occupiers are entitled to small business rates relief discount from these figures, with many occupiers paying no rates what so ever. Interested should contact South Tyneside Council Business Rates Department

Unit 1 £2700
Unit 2 £3450

Unit 2 £3450

VIEWING
By appointment through this office