South Shields is located 11 miles east of Newcastle upon Tyne and 7 miles north of Sunderland. The town is well connected to the main arterial routes, with the A19 located approximately 4 miles to the west accessed via the A194. The town benefits from excellent local connections, the Metro rail network links South Shields to Newcastle city centre and Sunderland, whilst wider transport links such as Newcastle International Airport operates daily scheduled fights to both national and international locations and Newcastle Central Station connecting the city to the East Coast mainline wider rail network.
The property comprises a mid terrace retail unit arranged over ground and first floor benefitting from a fully glazed shop front. Internally, the ground floor comprises retailing space fitted out with suspended ceilings, Cat II lighting and perimeter racking with ancillary storage to the rear. Staff amenities and further stores are situated at first floor level.
The property is let to Shoe Zone Retail Limited on a FRI lease for 10 years commencing 21st September 2009 and expiring on 20th September 2019. The tenant has signed a lease renewal for a term of three years from 21st September 2019 expiring on 20th September 2022 at a rent of £38,000 per annum.
Shoe Zone is a leading budget footwear retailer founded in 1980 and now operates from 500 stores throughout the UK and Ireland employing over 3,500 staff. Shoe Zone sells approximately 20 million pairs of shoes a year, with the average price less than £10.
The property has been elected for VAT and therefore it is anticipated the sale will be treated as a TOGC.
We have been instructed to seek offers in excess of £384,380 reflecting a Net Initial Yield of 9.50% after purchaser's costs of 4%.