Lot 33 - 208-210 Albert Road, Jarrow, Tyne and Wear, NE32 5JA
- Unconditional Online Auction Sale
- Guide Price* : £125,000
- Bedrooms: 2
- Bathrooms: 1
Mixed Use Investment Property
Description
- Two storey mixed use premises
- Aquatic shop to ground floor
- 2 bedroom flat to first floor
- Fully tenanted investment
- Annual rental income £9,540
- Close to local amenities and transport links
Situated on Albert Road in Jarrow, this mixed use investment property comprises a ground floor 71sqm (761sqft) commercial unit currently occupied as an aquatic shop, together with a self-contained two bedroom residential flat to the first floor.
The ground floor aquatic shop is currently let at £395pcm, while the two bedroom flat is let at £400pcm, providing a combined current rental income of £795pcm (£9,540 per annum). Please note that the flat is currently let at a reduced rate to a family member of the seller.
The commercial unit is a versatile, mid-size unit would be great for various uses such as a small boutique, offices and light industrial workshop (STPP).
Albert Road is situated within an established area of Jarrow, with a range of local shops, services and amenities available within the surrounding area. Jarrow town centre is readily accessible, providing further retail, leisure, and everyday amenities, including Jarrow park for dog walking, and St Oswald’s Primary School which was graded Outstanding across several categories. The area is also well positioned for access to the wider Tyne and Wear conurbation, with road connections providing access towards South Shields, Newcastle upon Tyne and surrounding areas.
The property may appeal to both private and professional investors seeking a mixed use, dual-income investment, with the benefit of existing occupational income from both the commercial and residential elements.
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.
The site is situated within a sustainable location near Leyburn’s amenities and residential areas which enhances its prospects.
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.
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