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Hanover Mill 1,376 SF Retail Condo Unit Offered at $246,917 in Newcastle Upon Tyne NE1 3RF
INVESTMENT HIGHLIGHTS
- Quayside location
- It is a short walk from Newcastle Central Railway & Metro Stations and is also close to the Stephenson Quarter Development
- The Close is a busy vehicular route from the City centre towards the Swing Bridge
EXECUTIVE SUMMARY
The property comprises a ground floor property within a seven-storey building. The upper floors are in residential use. The building is modern and benefits from a fully glazed frontage. The property is situated on The Close, which lies at the bottom of Forth Banks, on Newcastle Quayside and opposite the Copthorne Hotel. The Close is a busy vehicular route from the City centre towards the Swing Bridge. It is a short walk from Newcastle Central Railway & Metro Stations and is also close to the Stephenson Quarter Development, including the Crowne Plaza Hotel, 360 space multi-storey car park and Northumbria Police Headquarters.
PROPERTY FACTS
| Total Building Size | 14,380 SF | Floors | 9 |
| Property Type | Retail (Condo) | Typical Floor Size | 14,380 SF |
| Property Subtype | Storefront Retail/Residential | Year Built | 2008 |
| Building Class | B | Lot Size | 5.00 AC |
| Total Building Size | 14,380 SF |
| Property Type | Retail (Condo) |
| Property Subtype | Storefront Retail/Residential |
| Building Class | B |
| Floors | 9 |
| Typical Floor Size | 14,380 SF |
| Year Built | 2008 |
| Lot Size | 5.00 AC |
AMENITIES
- Bus Line
- Security System
- Signage
- Energy Performance Rating - D
- Air Conditioning
1 UNIT AVAILABLE
Unit 102
| Unit Size | 1,376 SF | Sale Type | Investment |
| Price | $246,917 | Tenure | Long Leasehold |
| Price Per SF | $179.45 | Cap Rate | 9.81% |
| Condo Use | Retail | NOI | $24,222.55 |
| Unit Size | 1,376 SF |
| Price | $246,917 |
| Price Per SF | $179.45 |
| Condo Use | Retail |
| Sale Type | Investment |
| Tenure | Long Leasehold |
| Cap Rate | 9.81% |
| NOI | $24,222.55 |
DESCRIPTION
The property comprises a ground floor property within a seven-storey building.
Internally, it is a mix of open plan and cellular accommodation, with carpeted floor, suspended ceiling with integral lighting and heating/air conditioning. It also benefits from its own integral w.c.’s which are of a high standard and a small kitchenette as well as an intruder alarm and fire alarm.
SALE NOTES
Long leasehold interest in the property, subject to the existing tenancy is available at £185,000. A sale at the asking price would equate to a gross initial yield of 9.81%.
The property is held by way of a long leasehold interest of 999 years beginning on 16 November 2017 at a peppercorn rent.
Interior
Interior
Interior
NEARBY MAJOR RETAILERS
Presented by
Hanover Mill
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