The property comprises an attractive large Grade I listed building. It is arranged as a retail unit and kiosk to the ground floor, offices to the first floor and five flats to the upper floors. The flats are a mixture of one and two bedrooms with 3 x one bedroom flats and 2 x two bedroom flats being provided.
The retail unit has shop frontage directly facing Nun Street, and also benefits from return frontage at either side. It is occupied by British Red Cross. The Red Cross accommodation is planned over basement and ground floor. The Kiosk comprises a small lock up shop which is occupied by a mobile phone operator. This is accessed directly off the thoroughfare leading into Grainger market.
The first-floor office is occupied by Best Connection Limited and is separately accessed via Nun Street.
Access to the flats is to the left-hand side of the throughfare and having been converted in 2019 the flats are well presented throughout with modern finishes. They are equipped with high gloss kitchens, with integrated appliances and electric hobs, and also have tiled ensuites and bathrooms.
Location
The property is located in the city centre of Newcastle, and is positioned on Nun Street. Nun Street forms part of the prime central retail district of Newcastle and the property backs on to Grainger Market to the rear. The area is well established and benefits from high footfall.
The surrounding area comprises both retail and offices uses. Neighbouring occupiers on Nun Street include a Burger King, McDonalds, and Wilko. Newcastle University and Newcastle University Medical School are both less than a mile from the subject, making the area convenient for students or young professionals. Newcastle Railway Station and Manors Station are both less than a mile from the property and the area is also served by the underground Metrolink. There are also a number of public car parks within the area.
Accommodation
Approximate floor areas are as follows(excludes kiosk - no access):
Basement retail - 199.92 sq m (2,152 sq ft)
Ground floor retail - 95.01 sq m (1,022 sq ft)
Total - 294.93 sq m (3,174sq ft)
First floor offices - 162.36 sq m (1,747 sq ft)
Total - 162.36 sq m (1,747 sq ft)
Flat 4 (one bedroom) - 37.09 sq m (399 sq ft)
Flat 5 (one bedroom) - 37.89 sq m (408 sq ft)
Flat 6 (two bedroom) - 69.22 sq m (745 sq ft)
Flat 7 (one bedroom) - 33.24 sq m (358 sq ft)
Flat 8 (two bedroom) - 71.91 sq m (775 sq ft)
Total - 249.35 sq m (2,685 sq ft)
Total - 706.64 sq m (7,606 sq ft)
Terms
We are seekin offers in the region of £1,650,000 which reflects a net initial yield of 5.76% based on the current income (6.59% assuming flat 8 is let) after a deduction of purchasers costs of circa 6.36%. The asking price reflects a gross yield fo 6%.
LEGAL COSTS - Each party will be responsible for their own legal costs.
VAT - All figures quoted are exclusive of VAT which may be applicable.
BUSINESS RATES:
17-19 Nun Street, Newcastle, NE1 5AG - Shop and premises - £31,250
Kisok at 15 Nun Street, Newcastle, NE1 5AG - Kiosk and premises - £3,500
First floor 15-21 Nun Street, Newcastle, NE1 5AG - Office and premises - £12,750
COUNCIL TAX:
Flats 4,5,6,7,8 at 15 Nun Street, Newcastle - Band A - £1,391.24
EPC:
Flat 4 at 15 Nun Street, Newcastle - C
Flat 5 at 15 Nun Street, Newcastle - C
Flat 6 at 15 Nun Street, Newcastle - C
Flat 7 at 15 Nun Street, Newcastle - C
Flat 8 at 15 Nun Street, Newcastle - D
First floor offices 15-21 Nun Street - E
Basement and Ground floor, Nun Street - C
Specification
- Mixed use investment opportunity comprising retail, office and residential accommodation.
- Multi let investment producing £101,XXX.a. with the potential to increase to £115,XXX.a. once fully let.
- Both commercial tenants are within their contractual term with at least 3 years remaining.
- Prime city centre location with return frontage to Grainger Market throughfare, therefore high footfall.
- Attractive Grade I Listed building.
- Freehold.