Back to search results68 – 70 WESTGATE, GUISBOROUGH, TS14 6AY
£175,000
Key information
- investment
- Guisborough
- 1074 sqft
- Town centre investment opportunity
- Three-storey mid-terrace property
- Rental income of £14,160 pa
- Established local business'
- Situated in the prime location of Westgate, Guisborough
- Currently occupied by a nail salon on the ground floor and a separate tattoo studio on the first and second floors
- Freehold for sale at £175,000
- Disc parking available immediately outside
BROCHURE
LOCATION
The property is situated on Westgate, the prime retail pitch in the centre of Guisborough, within a market town on the northern edge of the North York Moors National Park which lies approximately 8 miles to the south-east of Middlesbrough, 20 miles east of Darlington and 60 miles north of York.
68 – 70 Westgate holds a prominent position on the northern side of Westgate between My Dentist and Newby’s Solicitors. Other retailers in Guisborough include Boots, Morrisons, Dandy Threads, Costa and Greggs.
Free disc parking is available immediately outside the premises and it is surrounded by other local retailers and businesses. A twice weekly market is held close to the property on Thursdays and Saturdays.
DESCRIPTION
The premises comprise a three-storey mid terrace property of traditional brick construction arranged to provide a ground floor nail salon and tattoo studio across first and second floors.
The ground floor is configured to provide an open plan sales area with ancillary areas to the rear including office, kitchenette and WC.
The first and second floor benefits from separate access via a doorway on the left-hand side. This is configured to provide two tattoo areas, kitchenette and toilet. The second floor provides additional storage.
The ground floor can also be accessed from the rear via Johnson’s Yard and over a rear yard.
ACCOMMODATION
The property has the following approximate areas:
Ground floor (NIA) 498 sq ft 46.26 sq m
First floor (NIA) 282 sq ft 26.20 sq m
Second floor (NIA) 294 sq ft 27.49 sq m
RATEABLE VALUE
The ground floor has a rateable value of £4,750.
The upper floors have a rateable value of £3,600.
TENURE
The ground floor is let for a term of 5 years from 08 August 2022 to Nhat Bui, a nail salon operator, at an annual rent of £10,000 pa.
The upper floors are let for a term of 7 years from 21 March 2023 Daniel Murphy the Tattoo studio operator at an annual rent of £4,160 pa. The lease includes a tenant only break clause at the end of year 6.
The total rent receivable by the landlord is presently £14,160 per annum exclusive. The leases are drawn on effectively full repairing and insuring terms by way of service charge recovery.
Documentation is available on request.
OPPORTUNITY
The freehold investment is available to purchase subject to the existing lease at an asking price of £175,000.
A purchase at this level would reflect a gross initial yield of 8.10% to a purchaser.
LEGAL COSTS
Each party will be responsible for their own legal costs.
VAT
The property is not elected for VAT and consequently no VAT will be payable on the purchase price.
VIEWING
Strictly by appointment through this office only.
Contact – Jack Robinson
Email - jack@thomas-stevenson.co.uk
Tel - 01642 713303
Subject to Contract
- These particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract:
- Thomas Stevenson cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein and prospective purchasers or tenants must not rely on them as statements of fact or representation and must satisfy themselves as to their accuracy:
- No employee of Thomas Stevenson has any authority to make or give any representation or warranty or enter into any contract whatsoever in relation to the authority.
- Prices/rents quoted in these particulars may be subject to VAT in addition; and
- Thomas Stevenson will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars.