Property ID : Rowlands Gill
For Sale - Available £385,000 - Commercial
Investment Summary
• Rowlands Gill a village situated on the North Bank of the River Derwent in Gateshead, Tyne and Wear
• Situated in a corner position in the commercial centre of Rowlands Gill directly opposite Tesco Local
• Comprising a mixed-use investment with two ground floor restaurants and a first floor gym
• VAT Free Investment fully occupied with total income of £34,700 per annum
• Restaurants have expiries in 2031 providing approximately 7 years unbroken income
• Opportunity to add value by renewing the first floor lease with the gym operator
• Total floor area of approximately 4,286 sq ft
Offers are sought in excess of £385,000 (Three Hundred and Eighty Five Thousand Pounds) subject to contact.
A purchase at this level reflects a net initial yield of 8.66% assuming standard purchasers’ costs of 4.07%.
Location
The subject property is located in Rowlands Gill a village situated on the North Bank of the River Derwent in Gateshead, Tyne and Wear. Gateshead itself has a population of around 202,000 (2021 Census) while the combined Tyneside urban area which includes Newcastle has a population of approximately 595,000 (2021 Census).
Situation
The property is situated on Dipwood Road the main street in Rowlands Gill. The positional benefits from good visibility with high footfall and passing traffic. Rowlands Gill itself acts as a small location retail area with a mix of shops nearby including a Tesco Supermarket, directly opposite. The surrounding area is primarily densely populated residential location and residents have convenient access to various amenities within walking distance including a public library located just north of the property.
Description
The building is of traditional brick construction from around the 1900s with a pitched and hipped slate roof with a mixture of uPVC and cast-iron rainwater goods. Shop frontages and windows are mostly single glazed timber framed units. The first floor has its own entrance and is fitted out internally as a gym. There are two ground floor retail units one of which is occupied as a Chinese takeaway the other occupied as an Italian restaurant. There is a small external yard to the front of the building currently used as additional parking, as well as free roadside parking adjacent to the building. The building is located within a conservation area and is adjacent to a Grade II Listed war memorial.