Under Offer

Investment, 48 Linthorpe Road, Middlesbrough TS1 1RA

3,611 Sq Ft
£270,000
  • Ref: CPNE_101948
  • Type: Retail
  • Availability: Under Offer
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Property Features

  • High Street Retail Investment
  • Let to Blacks Outdoors Retail
  • Central Town Centre Location
  • Rental Income of £22,000 pax
  • Reflecting an attractive 7.78% NIY

Property Summary

The property is located in Linthorpe Road Middlesbrough opposite the Vaughan Street entrance to the Hill Street Shopping Centre. This Location is an established retail location close to the Northern stretch of good retail. Occupiers close by include Marks and Spencer, Café Nero...

Full Details

The property is located in Linthorpe Road Middlesbrough opposite the Vaughan Street entrance to the Hill Street Shopping Centre. This Location is an established retail location close to the Northern stretch of good retail. Occupiers close by include Marks and Spencer, Café Nero, Clintons and Next.

The property is constructed over three floors with ground floor retail and staff and stores on the upper floors.

LEASE DETAIL
A Lease of the whole property to Blacks Outdoors Retail Ltd on a 10 year lease ending 10 October 2026. There was a tenant only break October 2021 was not used. The rent is was reduced in October 2021 by agreement to £22,000 pax, with tenant break on 10 October 2023 and 2025. An open market, upward only rent review has been agreed at 10 October 2024 with the rent been capped at £33,000 pax. |A Full Repairing and Insuring lease (limited by way of a photographic Schedule of Condition). The original rent was passing off £32,000 PAX rising to £33,000 PAX October 2021.

COVENANT
Blacks Outdoor Retail Limited (Co no. 07795258)

Established 1861 from our nautical based beginnings, now one of the most recognisable names on the high streets in the UK. Outdoor clothing, footwear and equipment retailer part of the JD Sports group.

The business had a turnover of £123,914,000 year ending 30 January 2021. This was only slightly down on the 2020 results (pre pandemic) of £153,442,000.

PRICE
Offers sought in the region of £270,000 (Two Hundred & Seventy Thousand Pounds) exclusive, Subject to Contract, and reflecting an attractive 7.78% Net Initial Yield (allowing for purchaser’s costs)





Accommodation:
Net Ground Floor Sales : 2,100.00 sqft
First Floor Staff & Stores: 696.00 sqft
Second Floor Stores: 815.00 sqft
Total: 3,611.00 sqft