REF 5741

Convenience & Off Licence with 5 Bedroom Property

Gateshead

Location

Situated within a suburb of Gateshead, around 3.5 miles to the south east of the city and halfway between the town centre and Washington, the shop is in the heart of a popular residential area with an established local customer base.

Business

A rare freehold opportunity to purchase a large detached 5 bedroom property with a well established convenience & off licence business. The current owner has been operating the business since 2018. There is car parking available outside the shop.

The shop floor trading area is a large open plan area of 1,177ft² with modern shelving units. Fixtures and fittings include three 2m chest freezers, one standing freezer and four drinks chillers.

The vendor is selling the business due to his current ill health.

Ground Lease

The business is held on a 99 year lease with Gateshead Council in place from 1959 with an annual rental of £350 per year and will remain until the renewal date in 2058. Should the purchaser need a mortgage to buy this property, the lender will require the lease to be renewed for a further 99 years. In this case, the council has stated that the rent will subsequently increase to £2,750 per year with a 5 year review incorporated within.

Business Premises

The business premises consists of the ground floor retail trading area with rear access to three separate internal storage areas, incorporating the kitchen area and W.C.

Accommodation

The accommodation is accessible from a separate entrance at the front of the property with stairs leading to the first floor. Internal rooms incorporate the 5 bedrooms, lounge, kitchen and bathroom with shower unit in good condition and ideal for a family residence. There is currently a short term tenancy agreement in place with the current tenants and generating a rental income of £6,400 per annum.

Please contact us for any further information required.

Staff Employed

Owner run business

Trading Hours

Monday to Sunday 8:00am – 9:00pm

Measurements

Ground Floor Retail Area: 109.4m² (1,177ft²)
Ground Floor Storage Area: 50.4m² (542ft²) inc. storage, cupboard and W.C. with rear access

Notice

All information provided is subject to the standard terms and conditions of A1 Businesses Ltd. (trading as A1 Businesses for Sale). See our disclaimer page for more details.

Viewings

Any viewings for the business and/or property are to be made strictly by appointment only through A1 Businesses for Sale. No approach should be made directly to the owner or any of their employees.

Fixtures & Fittings Approximate Value
£10,000

Commissions on Services
£250/week

Stock Value Estimated
£18,000

Rateable Value
£8,700

* (Note: The rateable value is used to calculate your rates bill so this is not the amount you will pay) click here for more information

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