sw.co.uk83-89 GOLDSPINK LANE, SANDYFORD NE2 1NQ

FOR SALE FREEHOLD INVESTMENT OPPORTUNITY

83-89 GOLDSPINK LANE, SANDYFORD NE2 1NQ

Location

Sandyford is a residential suburb of Newcastle upon Tyne and is particularly popular with students and young professionals. Much of the accommodation within the area is of a traditional Tyneside flat nature. The subject property is located at the junction of Goldspink Lane and Hemsley Road, approximately ¾ of a mile north east from Newcastle City Centre. Sandyford provides easy access to both Newcastle and Northumbria Universities.

Description

The subject property comprises a three storey, terraced property occupied on the ground floor as a restaurant with the first floor accommodating 2 two bed residential apartments and the second floor providing a spacious one bedroom apartment. The property is of traditional brick construction with dressed stone detailing under a pitched and slate covered roof.

The floors are of solid construction at ground floor level with suspended timber at first and second floors. The ground floor provides a fully equipped restaurant accommodating circa 30 covers and benefits from an external seating area. Flat 1 is situated on the first floor and benefits from a separate access directly of Goldspink Lane. Access to Flats 2 & 3 is shared via Helmsley Road and have been converted in recent years providing spacious good specification accommodation. The flats benefit from having all mains services connected, internal partitioning, painted plaster walls/ceilings and UPVC double glazed windows providing an ample amount of natural light internally.

There is an on street parking provision of which accommodates permit holders only Monday to Saturday between the hours of 8am-6:30pm or alternatively free parking for 1 hour. The surrounding area is predominantly residential with numerous local commercial operators in the nearby vicinity.

Asking Price

We are seeking offers in the region of £665,000(Six hundred and sixty five thousand pounds) exclusive of VAT for the benefit of our clients freehold interest in the property.

A purchase at this level would reflect a NIY of 7.60% after the allowance of purchasers costs of 5.22% subject to contract. Please note that our client does not undertake to accept the highest or any offer received.

Offers in the region of £665,000 exclusive of VAT

Freehold Interest

Fully equipped Restaurant

3 x Residential Flats

Gross Rental Income of £53,200 pa

In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the

source of funding will be required from the successful purchaser.

Subject to Contract

Accommodation

We understand that the accommodation provides the following approximate floor areas:-

Business Rates

The commercial restaurant is currently listed within the 2017 Rating List as follows:-

Ground Floor 83-89 Goldspink Lane Restaurant & Premises RV £23,750

Interested parties should verify the accuracy of this information and rates payable with the Local Rating Authority, Newcastle City Council.

VAT

All prices quoted are deemed exclusive of VAT.

Legal Costs

Each party is to be responsible for their own legal costs incurred throughout any transaction.

EPC

The EPC asset rating for the property is assessed as follows:

GF Restaurant Band C (65)Residential Flat 1 Band C (76)Residential Flat 2 Band C (78)Residential Flat 3 EPC has been commissioned

EPC’s are available upon request.

Services

The subject property is connected to all mains services, however, any interested party should make their own investigations with regard to this matter.

83-89 GOLDSPINK LANE, SANDYFORD NE2 1NQ

Description Sq m Sq ft

Restaurant 163.60 1,761

Flat 1 (2 x bed) 67.00 721

Flat 2 (2 x bed) 45.70 492

Flat 3 (1 x bed) 65.00 699

Total Area 341.30 3,673

Misrepresentation Act 1967: Messrs Sanderson Weatherall LLP for itself and for the vendor(s) or lessor(s) of this property whose agents they are, give notice that: 1) These

particulars do not constitute any part of an offer or contract; 2) None of the statements contained in these particulars as to the properties are to be relied on as statements of

representations of fact; 3) Any intending purchasers must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars;

4) The vendor(s) or lessor(s) do not ake or give and neither Messrs Sanderson Weatherall LLP nor any person in their employment has any authority to make or give any

representation or warranty whatsoever in relation to this property; 5) None of the building’s services or service installations (whether these be the specific responsibility of the

freeholder, lessor or lessee) have been tested and are not warranted to be in working order. Finance Act 1989: Unless otherwise stated all prices and rents are quoted exclusive of

VAT. Consumer Protection from Unfair Trading Regulations 2008 and Business Protection from Misleading Marketing Regulations 2008; Every reasonable effort has been made by

Sanderson Weatherall to ensure accuracy and to check the facts contained in these particulars are complete. Interested parties are strongly advised to take appropriate steps to

verify by independent inspection or enquiry all information for themselves and to take appropriate professional advice.

Sanderson Weatherall LLP Registered in England company number OC 344 770 Registered Office 6th floor, Central Square, 29 Wellington Street, Leeds, LS1 4DL

sw.co.uk

Strictly by prior appointment with the agents:

Mark Convery

0191 269 0103

mark.convery@sw.co.uk

Sanderson Weatherall

Central Square SouthOrchard Street

Newcastle upon TynbeNE1 3AZ

March 2020