Property photos
£370,000
Restaurant for sale
Market Place, Hexham, Northumberland NE46Local area information
Property location
Nearby amenities
- The Sele First School 0.2 miles
- St Mary's Roman Catholic Voluntary Aided First School 0.2 miles
- Hexham 0.3 miles
- Corbridge 3.3 miles
These distances are calculated in a straight line. The actual route and distance may vary.
Read our area guide for Hexham to find out more about the local area.
Features and description
- Prominent three-storey building in heart of Hexham town centre
- Fully let Investment for sale at £370,000
- Next to Hexham Abbey
- Passing Rent £28,500 per annum
Investment for sale in heart of Hexham town centre, prominent three-storey building next to Hexham Abbey
Fully let at passing rents of £28,500 per annum
Price £370,000
Location
Hexham is a thriving market town, lying adjacent to the A69 Trans-Pennine route, which provides access to the A1 trunk road some 20 miles to the east. Carlisle lies around 38 miles to the west and Newcastle upon Tyne City centre around 23 miles to the east.
The town also lies on the main railway line between Newcastle upon Tyne and Carlisle and is an important retail, commercial and tourist centre. The property also lies within the Hexham conservation area.
The property is well positioned within the heart of Hexham town centre, holding a prominent position on the western side of the Market Place, next to Hexham Abbey.
The Market Place is a strong retailing area of the town centre, lying at the northern end of the pedestrianised Fore Street. Nearby national retailers include Boots, Greggs, Costa and Mountain Warehouse. The traditional market trades every Tuesday. There is limited on street parking available nearby.
Description
The property comprises a three-storey end terraced building of rendered brick/stone construction under a slate covered pitched roof.
The property comprises a ground floor shop with basement which is occupied by a jewellers. The property benefits from good display frontage. The tenant company has been in occupation for many years.
The upper floors are occupied as a restaurant and comprise of separate entrance lobby to the side, with kitchen and restaurant to the first floor, with additional seating area, dining room, storage and toilets to the second floor.
Accommodation
The following net internal areas have been taken from the voa assessment and are subject to on site verification.
Ground Floor
43.29 sq m(466 sq ft)
Basement
38.16 sq m(411 sq ft)
Total
81.45 sq m(877 sq ft)
First Floor
56.03 sq m(603 sq ft)
Second Floor
54.37 sq m(585 sq ft)
Total
110.40 sq m(1,188 sq ft)
Grand Total
191.85 sq m(2,065 sq ft)
Tenancies
The ground floor of the property is let to a private individual for a term expiring 31 October 2028 at a rent of £11,500 per annum. There is a tenant's only break option on 31 October 2027. (Lease extension to be documented).
The upper floors are let to Reverie London Limited for a term of 15 years from 1 November 2021 at a passing rent of £17,000 per annum. There is a tenant's only break option on 31 October 2026, and every 3 years thereafter. The tenants trade as Cilantro Restaurant, which is very well established and has a good reputation in the town.
Both leases are drawn on internal repairing and insuring basis with the landlord able to recover the cost of any external repairs from the tenants.
Business Rates
The property is entered into the rating list as follows:
Ground Floor
Description:
Shop & premises
Rateable Value
£14,250
Upper Floors
Description:
Restaurant & premises
Rateable Value
£14,250
Price
The freehold interest in the property, subject to the current leases, is available for sale at £370,000. A sale at the asking price would equate to a gross initial yield of 7.7%. We understand the property is not registered for VAT and therefore VAT will not be payable on the purchase price.
Viewing
Strictly by appointment by sole agents YoungsRPS.
Contact Paul Fairlamb or Chris Pattison Tel:
Legal Costs
Each party is to bear their own legal costs.
Local Authority
Northumberland County Council, County Hall, Morpeth, NE61 2EF. Tel: All figures quoted above are exclusive of VAT where chargeable.
Energy performance certificate
The property has the following EPC ratings:
Ground Floor:
C-75
First Floor:
C-69
Copies of the EPC's and recommendation reports are available on request.
Fully let at passing rents of £28,500 per annum
Price £370,000
Location
Hexham is a thriving market town, lying adjacent to the A69 Trans-Pennine route, which provides access to the A1 trunk road some 20 miles to the east. Carlisle lies around 38 miles to the west and Newcastle upon Tyne City centre around 23 miles to the east.
The town also lies on the main railway line between Newcastle upon Tyne and Carlisle and is an important retail, commercial and tourist centre. The property also lies within the Hexham conservation area.
The property is well positioned within the heart of Hexham town centre, holding a prominent position on the western side of the Market Place, next to Hexham Abbey.
The Market Place is a strong retailing area of the town centre, lying at the northern end of the pedestrianised Fore Street. Nearby national retailers include Boots, Greggs, Costa and Mountain Warehouse. The traditional market trades every Tuesday. There is limited on street parking available nearby.
Description
The property comprises a three-storey end terraced building of rendered brick/stone construction under a slate covered pitched roof.
The property comprises a ground floor shop with basement which is occupied by a jewellers. The property benefits from good display frontage. The tenant company has been in occupation for many years.
The upper floors are occupied as a restaurant and comprise of separate entrance lobby to the side, with kitchen and restaurant to the first floor, with additional seating area, dining room, storage and toilets to the second floor.
Accommodation
The following net internal areas have been taken from the voa assessment and are subject to on site verification.
Ground Floor
43.29 sq m(466 sq ft)
Basement
38.16 sq m(411 sq ft)
Total
81.45 sq m(877 sq ft)
First Floor
56.03 sq m(603 sq ft)
Second Floor
54.37 sq m(585 sq ft)
Total
110.40 sq m(1,188 sq ft)
Grand Total
191.85 sq m(2,065 sq ft)
Tenancies
The ground floor of the property is let to a private individual for a term expiring 31 October 2028 at a rent of £11,500 per annum. There is a tenant's only break option on 31 October 2027. (Lease extension to be documented).
The upper floors are let to Reverie London Limited for a term of 15 years from 1 November 2021 at a passing rent of £17,000 per annum. There is a tenant's only break option on 31 October 2026, and every 3 years thereafter. The tenants trade as Cilantro Restaurant, which is very well established and has a good reputation in the town.
Both leases are drawn on internal repairing and insuring basis with the landlord able to recover the cost of any external repairs from the tenants.
Business Rates
The property is entered into the rating list as follows:
Ground Floor
Description:
Shop & premises
Rateable Value
£14,250
Upper Floors
Description:
Restaurant & premises
Rateable Value
£14,250
Price
The freehold interest in the property, subject to the current leases, is available for sale at £370,000. A sale at the asking price would equate to a gross initial yield of 7.7%. We understand the property is not registered for VAT and therefore VAT will not be payable on the purchase price.
Viewing
Strictly by appointment by sole agents YoungsRPS.
Contact Paul Fairlamb or Chris Pattison Tel:
Legal Costs
Each party is to bear their own legal costs.
Local Authority
Northumberland County Council, County Hall, Morpeth, NE61 2EF. Tel: All figures quoted above are exclusive of VAT where chargeable.
Energy performance certificate
The property has the following EPC ratings:
Ground Floor:
C-75
First Floor:
C-69
Copies of the EPC's and recommendation reports are available on request.
More information
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