Property ID : Spout Lane Washington
For Sale - Available £500,000 - Commercial, Investment Property
Investment Summary
• Prominent location in Washington town centre
• Substantial car park immediately opposite the building serving the town centre.
• Strong tenant mix including gym, car parts, barbers, carpet shop, florist and beauty salon
• Long term tenants gym, car parts and barbers having been in occupation for over 20 years
• Total passing rent of £54,650 per annum
• High yielding and diversified income
• Several opportunities to add value through proactive asset management
• Total floor area of 14,998 sq ft
• Freehold
Location
Washington is a town within the city of Sunderland District with a strong population and a strategic location. Washington has experienced recent population growth with a current resident population of over 60,000 and a catchment area exceeding 98,000 within a 10-minute drive. Washington strategic position nearly equally distant from Durham (11 miles south) Sunderland (7 miles east) and Newcastle upon Tyne (10 miles north). The town offers excellent accessibility for businesses and residents alike.
Washington is well connected by a strong road network. The A182 and A1231 conveniently run along the towns northern and western boarders respectively. The A182 connects eastward to Sunderland while the A1231 links northward to Newcastle. Both roads provide seamless access to the A1(M) motorway directly west of the town ensuring travel to Newcastle and the north Durham in the south and the wider national motorway network.
Situation
The property is situated on Spout Lane immediately adjacent to the towns main retailing pitch on Victoria Road and Front Street. The building sits on a prominent section of Spout Lane which meets Victoria Road to the north and the A1290 to the south, immediately opposite Speculation Place car park, providing ample public car parking and easy access to the town centre.
Description
The property comprises an unbroken block of commercial property split up into six distinct units most of which have been longstanding tenants. The property is an old Co-op building constructed in the early 1900s with brick elevations with stone detailing.
Accommodation
The property has not been inspected. Floor areas have been provided by the vendor.
| Unit | Description | Floor | Sq ft |
| Upper Floors | Gym | First & Second | 4,243 |
| Unit 1 | Auto Car Parts | Ground | 2,081 |
| Unit 2 | Barbers | Ground | 375 |
| Unit 3/4 | Beauty Salon | Ground | 2,228 |
| Unit 5 | Carpet Retail | Ground | 4,941 |
| Annexe at rear | Florist | Ground | 1,130 |
| Total | 14,998 |
Tenancy Schedule
| Description | Tenant | Rent Per Annum | Start | End | Rent Review | Break |
| First Floor | LDS Leisure Gym | 11,000.00 | 02/12/07 | 01/12/17 | ||
| Unit 1 | G&W Murray Auto Car Parts | 8,000.00 | 01/09/18 | 31/08/23 | ||
| Unit 2 | Private Individual Barbers | 4,750.00 | 01/09/18 | 31/08/23 | 01/10/25 | 01/10/25 |
| Unit 3/4 | Private Individual Tanning Beauty Salon | 10,000.00 | 01/02/20 | 29/08/27 | ||
| Unit 5 | Private Individual Carpet Shop | 13,500.00 | 01/04/15 | 31/03/20 | Annual breaks with 3 months notice | |
| Annex R/O | Private Individual Florist | 7,400.00, | 02/12/22 | 01/12/25 |
Offers are sought in excess of £500,000 (Five Hundred Thousand Pounds) subject to contact and exclusive of VAT.
A purchase at this level reflects a net initial yield of 10.44% assuming standard purchasers’ costs of 4.70% and a very low capital value of only £33.34 psf