Lot 1 - 96 Ellison Street, Jarrow, Tyne And Wear, NE32 3JX
- Unconditional Online Auction Sale
- Guide Price* : £525,000
Investment for Sale
Description
LOCATION
The property is in Jarrow, South Tyneside, situated on the south bank of the River Tyne. It is located on the A185 and has an end terrace pitch connected to The Viking centre. The property benefits from being in close proximity to a range of businesses including Boots, Morrisons, Dominos, Greggs, and Peacocks - it is a well known, established commercial area in Jarrow.
The A19 passes through Jarrow which goes both North and South bound, it gives access to the likes of Northumberland and the surrounding Northern area. The A185 gives convenient access to Newcastle upon Tyne 6.8 miles from the subject property.
Local transport can be found on Sheldon Street 0.1 miles away where Jarrow Bus Station is. Buses run to Newcastle, Sunderland, North Shields, and South Shields. Jarrow Metro is situated on Grant Street 0.2 miles away.
DESCRIPTION
The property is arranged over a ground and first floor. Both floors are let to independent occupiers who have been in situ for multiple years.
The ground floor features a customer entrance hallway leading to a lobby area with several doors. These doors provide access to a small store, separate male and female restrooms, a small office currently used as a dressing area, a staff office, and a cellar.
The main area of the ground floor consists of predominantly open-plan floor space with several free-standing tables and chairs, as well as fixed perimeter seating. There is also a timber bar servery, and a lounge area with a separate pool table area.
The first floor houses a private members' health club and gym. The layout includes an entrance lobby with stairs leading to the first-floor customer reception area. Off this space are two rooms: one used as a staff room and the other as a treatment room for physiotherapy services.
Further stairs lead to a hallway, partially used as gym floor space, along with a spin studio, a class studio, and the main gym floor, which is spacious and open-plan with a fire escape.
There are separate men's and women's shower and changing facilities, locker areas in good condition, and a unisex sauna.
RATING ASSESSMENT
The rateable value of the premises is to be reassessed.
ACCOMMODATION
We calculate the approximate net internal floor areas to be as follows:
Ground Floor 496m² 5,337ft²
First Floor 755m² 8,119ft²
Total 1,251m² 13,456ft²
EPC RATING
C
TENANCY SCHEDULE
Tenant Rent Term Lease Start Lease End Review Date
Jarrow Buffs Ltd £19,200 per annum 25 Years 04/04/2013 03/04/2038 Every 5th year
38 Fitness Ltd £66,000 per annum 10 Years 01/03/2024 28/02/2034 N/A
VAT
All rents, premiums and purchase prices quoted herein are exclusive of VAT. All offers are to be made to Bradley Hall upon this basis, and where silent, offers will be deemed net of VAT.
ADDITIONAL TERMS
1. This lot is for sale subject to unconditional auction terms.
2. If the reserve price is met or exceeded, contracts will exchange with immediate effect upon the close of the auction.
3. Following exchange of contracts, parties have 28 days in which to complete the purchase (unless specified otherwise in the special conditions).
4. A non-refundable deposit of 5% is payable within 1 hour of the auction closing.
5. The winning bidder is to make payment to the auctioneer a reservation fee of 6% including VAT subject to a minimum of £6,000 including VAT. The reservation fee is payable in addition to the purchase price and is payable within 1 hour of the auction closing.
6. A legal pack has been provided by the seller’s solicitor and is available to download. We strongly recommend reviewing this thoroughly and discussing any queries with your solicitor prior to bidding.
7. I acknowledge that the seller may accept my bid at any time prior to the scheduled auction end date.
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
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