Ryton is an established commuter town situated approximately 7 miles to the west of Newcastle city centre and 8.5 miles north west of Gateshead town centre. The town forms part of the Tyne and Wear conurbation and has a population of circa 1.1 million (2011 census).
The town is well served by road communications via the A695 link road, which connects Blaydon and the A1(M) 3 miles to the south east and Prudhoe and the A68 approximately 8 miles to the west. The closest rail connection is via Blaydon Train Station approximately 3 miles to the east, which has regular connections to Newcastle with a journey time of 12 minutes. Newcastle International Airport is approximately 8.5 miles to the north and provides daily scheduled flights to both domestic and international destinations.
The property comprises a detached retail warehouse of steel portal frame construction with part brick and part profile metal clad elevations. Following a fire in 1999, the property was entirely rebuilt and as such is modern in specification providing accommodation perfectly suited to current retail requirements. The sales area is set out entirely over the ground floor, with ancillary offices, staff accommodation and plant room facilities at first floor level. The rear of the property comprises a store room, refrigeration units and loading bay access.
Externally the property benefits from an extensive shared car park providing 92 delineated spaces to the front and side of the property. In addition to this, there is an ample service yard and loading bay to the rear.
Further information can be found in the marketing brochure.
The property is let in its entirety to Co-operative Foodstores Limited t/a The Co-operative Food with surety provided by Co-operative Group Limited. The lease is held on a Full Repairing and Insuring basis for a term of 35 years from 29th September 1984 without a break and is subject to five yearly open market rent reviews. The passing rent is £270,000 per annum exclusive as set at the 2015 rent review.
An option to tax has been made on the property and VAT will therefore be payable on the purchase price. It is anticipated that the sale will be treated as a transfer of a going concern (TOGC).
We are instructed to seek offers in excess of £3,498,000 (Three Million, Four Hundred and Ninety-Eight Thousand Pounds) which reflect a Net Initial Yield of 7.25% after standard purchaser's costs of 6.50%.