Retail premises for sale in Investment, 7-13, Gilkes Street, Middlesbrough TS1

Middlesbrough is a sub-regional centre and the principal administrative centre of the Teesside conurbation, combining Stockton, Thornaby and Redcar. Middlesbrough is the third biggest retail shopping centre in the North East with over 1.7m Sq ft of retail floor space, it is the retail heart of the Tees Valley. The town is located approximately 40 miles South of Newcastle, 12 miles East of Darlington and 52 miles North of York.

Investment summary

• Multi let retail investment close to Linthorpe Road Middlesbrough
• Rents rebased with asset management angles on regearing Cooplands unit.
• Let to 4 tenants including Cooplands/eg Group
• Total net income £82,500 pax
• We are instructed to seek offers of £625,000 (Six Hundred and Twenty Five Thousand Pounds exclusive), subject to contact and exclusive of VAT.
A purchase at this level reflects an attractive Net Initial Yield of 12.57% assuming standard Purchaser’s costs of 5.02%.

The subject property is located in Gilkes Street close to the intersection with Linthorpe Road - the pedestrianised western side of the town centre retail pitch. The property is located immediately opposite Greggs and Thomas the Baker and adjacent to the transformed Captain Cook Square project a vibrant and exciting entertainment, dining and leisure quarter in the heart of Middlesbrough including Level X, a bowling alley and go-karting venue and The Wired Lobby, esports and gaming arena.

The property comprises a mid-terraced block of brick construction and pitched slated roofs. The 4 individual shops provide ground floor sales with first floor stores /office WCs. The self-contained first and second floors are accessed separately from Linthorpe Road and have been sold off on a long leasehold interest. The property benefits from rear access by way of a loading alleyway within the ownership.

Price

We are instructed to seek offers of £625,000 (Six Hundred and Twenty Five Thousand Pounds exclusive), subject to contact and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of 12.57% assuming standard Purchaser’s costs of 5.02%.

The property is elected for VAT which will therefore be payable on the purchase price. It is envisaged that the sale will be treated as a Transfer of a Going Concern (togc).

Accommodation:
Shop 7: 840.00 sqft
Shop 9: 817.00 sqft
Shop 11: 745.00 sqft
Shop 13: 739.00 sqft
Total: 3,141.00 sqft