Mixed use commercial property Investment in affluent Northumberland location

Located in Morpeth, an attractive & affluent market town in Northumberland

Morpeth has a population of approximately 12,000 with a wider Northumberland population in excess of 310,000

Morpeth has excellent transport links via road and rail to neighbouring towns and cities.

The town is popular with residents and tourists alike, with it’s medieval Castle and imposing bridges

The property is situated on Greys Yard, a short walk from Bridge Street and the town centre

Compromising a well-maintained two storey brick-built building which has been subdivided into five units

With car parking for approximately 9 cars

We are instructed to seek offers in excess of £495,000 (exclusive of VAT) reflecting a net initial yield of approximately 10.23% assuming purchasers' costs of 4.68%

LOCATION

Located in Northumberland, Morpeth enjoys a central location within reach of several major cities. Newcastle upon Tyne, the closest major city, is situated just 9 miles to the south. Edinburgh, Leeds & Glasgow are also within a comfortable driving distance, ranging from 85 to 120 miles.

Morpeth, a market town in Northumberland, offers excellent transport connectivity to major cities across the UK. Its strategic position on the A1 trunk road and the East Coast Mainline makes it an ideal base for tourists and residents alike.

SITUATION

The subject property is located a short walk from Bridge Street and the town centre accessed from New Market, which links to the roundabout at the intersection of Bridge Street, Newgate Street and Oldgate, very close to Morpeth Clock Tower and HSBC.

The Old Stables are immediately next door to The Electrical Wizard (Wetherspoons) and adjacent to Morpeth Riverside Leisure Centre and Car Park.

DESCRIPTION

The property comprises a two-storey brick built building, which has been subdivided into five units; three on the ground floor and two on the first floor.

With car parking for approximately 9 cars. A scheme of improvements has recently taken place with the complete renewal of all windows & doors.

ACCOMMODATION

Total of 384 sq m / 4,133 sq ft over two floors

TENURE

The property is held freehold with title number: ND70925

VAT

The property is VAT registered and we anticipate the sale being treated as a TOGC.

TENANCY INFORMATION

The property is let to two tenants currently generating £41,000 per annum with reversionary income of around £53,000 per annum once the final unit has been let.

PROPOSAL

We are instructed to seek offers in excess of £495,000 (exclusive of VAT) reflecting a net initial yield of approximately 10.23% assuming purchasers’ costs of 4.68%