Lot 104 - 259-261 Welbeck Road, and 2 Cleadon Street (NE6 2HY), Walker, Newcastle upon Tyne, Tyne and Wear, NE6 2QX
- Unconditional Online Auction Sale
- Guide Price* : £135,000
- Bedrooms: 2
- Bathrooms: 1
- Reception Rooms: 1
Mixed Use Investment For Sale
Description
The property occupies a prominent corner position at the junction of Welbeck Road and Cleadon Street, within a busy high street location approximately 1.5 miles east of Newcastle City Centre. The area forms part of the well-established Byker district and comprises a mix of residential neighbourhoods alongside a range of local and national retailers including Greggs, Costcutter, Ladbrokes and Heron Foods, a major national supermarket operator represented on the street. The property is situated on a main bus route with direct links to city centre destinations and the Metro system.
Public transport links are strong, with the nearby Tyne and Wear Metro providing regular services from Byker Metro Station and Manors Metro Station, offering convenient access to Newcastle City Centre, Gateshead, Sunderland, and North Shields.
The property comprises a masonry constructed building set beneath a pitched slate roof. The property benefits from a traditional shop frontage fitted with steel security shutters at ground floor level. The first floor flat is accessed via a separate entrance from Cleadon Street. To the rear, the property benefits from separate external yard areas.
The ground floor is currently let to a salon, producing rental income of £900pcm (£10,800pa) with approximately 8 years remaining on the lease. The lease is on full repairing terms, with the tenant also contributing towards the cost of the building insurance together with general building repairs and maintenance.
The first floor comprises a self-contained vacant 2 bed residential flat, offering potential to secure additional rental income. We estimate the flat would generate an additional annual income of around £500pcm (£6,000pa).
Ground floor retail: 65.6 sq. m (706 sq. ft)
First floor flat: 61.76 sq. m (664 sq. ft)
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. An administration charge of £714 including VAT is payable by the successful buyer within 1 hour of the auction closing.
7. 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.
8. I acknowledge that the seller may accept my bid at any time prior to the scheduled auction end date.
Council Tax Band
A
* 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.
Loading the bidding panel...
Office Contact
Agreement Documents
Legal Documents
Log in to view legal documentsRelated Documents
Make an Enquiry
Submit an enquiry and someone will be in contact shortly.
Share
By setting a proxy bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up to your proxy bid amount. If you are outbid, you will be notified via email so you can opt to increase your bid if you so choose.
If two of more users place identical bids, the bid that was placed first takes precedence, and this includes proxy bids.
Another bidder placed an automatic proxy bid greater or equal to the bid you have just placed. You will need to bid again to stand a chance of winning.