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31-33 Fore Street, Hexham, Northumberland, NE46 1LU
Guide Price* : £550,000 plus
- Retail Investment
- Let to Waterstones and Holland & Barrett
- Over 3 Years Remaining Unexpired To Lease End (weighted average)
- Current Rent £43,500 Per Annum (Rising in November 2024 to £49,500 Per Annum)
- NIA Approximately 412.39 Sq M (4,439 Sq Ft)
Description
The subject property comprises a mid-terraced, three storey unit of brick and stone wall construction under a pitched slate roof.
The property is split into two self-contained retail units occupied by Waterstones book shop and Holland & Barrett, a health and wellness retailer.
Both units have sales and retail provision at ground floor level and ancillary accommodation above including offices, staff WC and kitchen.
Location
Hexham is an affluent and thriving market town, lying adjacent to the A69 Trans-Pennine route, which provides access to the A1 trunk road, 20 miles to the east. Carlisle lies around 38 miles to the west and Newcastle upon Tyne City centre 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 is well positioned on the prime retail street within the town centre, with nearby occupiers including Iceland, Specsavers, Seasalt Cornwall, Boots, WHSmith, Caffe Nero, Costa & Waterstones.
Tenure
Freehold under Title Number ND112758.
Tenancy
As at 26.04.2024 Waterstones Booksellers Limited reports a Turnover of £452,475,000, a Pre-Tax Profit of £11,219,000 and a Tangible Net Worth of Tangible Net Worth £107,868,000 (Source Dun and Bradstreet 26 April 2024).
As at 26.04.2024 Holland & Barrett Retail Limited reports a Turnover of £536,257,000, a Pre-Tax Loss of £31,528,000 and a Tangible Net Worth of Tangible Net Worth £246,602,000 (Source Dun and Bradstreet 26 April 2024).
Bidder Registration
Registration for bidding will close at 2:00 pm the day before the auction, after which we cannot guarantee giving you permission to bid at the auction.
VAT
The property is elected for VAT
Energy Performance Certificate
31 Fore Street: B38
33 Fore Street: B38
Accommodation
| Floor | Use | SQ M | SQ FT | Tenant | Lease Terms | Rent £ PA |
|---|---|---|---|---|---|---|
| 31 Fore Street | Retail | 201.80 | 2,172 | Holland & Barrett Retail Limited | 5 Years from 30/11/2023 Tenant Break Option 30/11/2026 |
£18,500 per annum until 30/11/2024 increasing to £24,500 per annum |
| 33 Fore Street | Retail | 210.59 | 2,267 | Waterstones Booksellers Limited | 3 Years from 23/03/2024 | £25,000 per annum |
| Total NIA | 412.39 | 4,439 | £43,500 per annum |
Contact
Vendor's solicitor
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £1,800 inclusive of VAT on purchases of £20,000 and above and £600 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
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The successful purchaser will be required to pay the auctioneers administration fee of £1,800 inclusive of VAT on purchases of £20,000 and above and £600 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
Office Contact
Vendors Solicitor
Agreement Documents
Additional Documents
Subject to Contract and Exclusive of VAT © Lambert Smith Hampton December 2024
Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including LSH Property Auctions, and their joint agents if any (“LSH”) for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.
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