FREEHOLD INVESTMENT For Sale Four Fully Let Units with part let offices in the heart of the town centre 26 – 32 Bridge Street Morpeth Northumberland NE61 1NL

LOCATION

Morpeth is a bustling historic market town situated approximately 14 miles north of Newcastle, 5 miles west of Ashington and 18 miles south of Alnwick with a population of approximately 14,000 (census 2001). Morpeth is about 1.25 miles (2km) from the A1(M), which provides links to Edinburgh in the north and Newcastle in the south. Morpeth Railway Station (0.3 miles east) also provides regular Northern Line services to Edinburgh, London, York, Leeds and Newcastle.

The subject premises are situated on Bridge Street -the main thoroughfare in the town with nearby national retailers including Costa Coffee, WH Smith, Leeds Building Society, Boots and Superdrug. The Sanderson Arcade shopping centre is located approximately 200 yards to the west with occupiers including Clarks, Laura Ashley and M&S.

There is disc car parking space to the front and rear of the property.

FREEHOLD INVESTMENT For Sale Four Fully Let Retail Units with part let offices in the heart of the town centre 26 – 32 Bridge Street Morpeth Northumberland NE61 1NL

FREEHOLD INVESTMENT For Sale Four Fully Let Retail Units with part let offices in the heart of the town centre 26 – 32 Bridge Street Morpeth Northumberland NE61 1NL

DESCRIPTION

The building comprises of a 3 storey Grade II Listed building with four individual retail units at ground floor level fronting the main shopping street with an interconnecting ginnel between Bridge Street and Whalebone Lane to the rear. The ginnel provides access to offices which are on first and second floor levels with a separate- individual office on two levels also accessible to the rear of the property. This rear office has been let as part of the main accommodation and has also been separately let previously. The ginnel from front to rear forms part of the ownership and is gated off in the evenings.

The building provides a total of 4 ground floor retail units which are fully let to TUI Travel, Cancer Research UK, Health Arena st . & Urban Spa. The 1 floor office accommodation is predominantly open plan and has just been refurbished following a long standing occupier vacating. The second floor front office is currently leased to the occupier Health Arena , who use the space for storage for another business in the town. Detailed floorplans illustrating the demise are available upon request. The 1st floor office has the benefit of stair and lift access

ACCOMMODATION & TENANT COMPANY INFORMATION

The occupiers are all in occupation under full repairing and insuring leases by way of service charge contribution & provide a mixture of well-established national retail covenants and established local businesses as follows:

TUI UK Limited –TUI is the world’s leading group. The broad portfolio gathered under the Group umbrella provides 1,600 travel agencies, In 2018 financial year the TUI Group with a headcount of around 70,000 recorded turnover of €18.5bn and an operating result of €1.177bn. The TUI Group’s share is listed on the in the FTSE 100 index, in the Quotation Board of the Open Market on the , and regulated Market of the Stock Exchange. Website : www.tuigroup.com

Cancer Research UK – a cancer research and awareness charity in the UK formed in 2002 which is the world's largest independent cancer research charity conducting research into the prevention, diagnosis and treatment of the disease. Research activities are carried out in institutes, universities and hospitals across the UK, both by the charity's own employees and by its grant-funded researchers. Cancer Research UK's work is almost entirely funded by the public. The charity has a network of shops throughout the UK.

Website: www.cancerresearchuk.org

Health Arena – Health Arena have traded in Morpeth for over 10 years and recently relocated to Bridge Street from Sanderson Arcade. Diane Scott is the founder of Healtharena. Diane has been involved in the Natural Health Industry since 1982. Beginning with her own health food stores in the North East of England. Over the last 15 years Diane has developed and manufactured a specialist range of supplements, with unique ingredients to help with joint health, skin anti-ageing and also herbal weight loss supplements. These high quality, niche health food supplements are all proudly made in the UK under the brand Healtharena.

Website: www.healtharenaproducts.com

Urban Spa – A local beauty and treatment business who have been established in Morpeth since 2002.They carry out the latest treatments including massage, facials, body wraps, full beauty treatments and makeup, aromatherapy and reflexology, nail bar facilities, manicure & restoration electrolysis, waxing and they retail quality hair and skin products. They have an established client base.

Website : www.urbanspa.co.uk

Copies of lease documentation are available upon request.

EPC RATING

Upon the basis the premises are Grade II listed an EPC is not required however there is an EPC rating of E 109 for 28 Bridge Street which includes the upper floor offices. A copy of this is available upon request.

FREEHOLD INVESTMENT For Sale Four Fully Let Retail Units with part let offices in the heart of the town centre 26 – 32 Bridge Street Morpeth Northumberland NE61 1NL

TENANCY SCHEDULE

DEMISED AREA PASSING LEASE NEXT OCCUPIER NEXT REVIEW & COMMENTS PREMISES (SQ FT) RENT/ERV EXPIRY BREAK

Deborah Pawson T/A 1st Oct 10 years from 18/10/2013 with a break No. 26 1596sqft £18,000 N/A Urban Spa 2023 as at 17/10/2018 not exercised.

No. 28 27 Feb 27 Feb Health Arena Limited 430sqft £16,000 10 years from 28/02/19 Ground 2029 2024

15 Sep 10 years from 16/09/13. Tenant lease No. 30 Cancer Research UK 1009sqft £24,250 N/A 2023 break at 16/09/18 not exercised.

12th 13th No. 32 TUI UK Ltd 776sqft £20,500 November November 5 year lease from 13/11/19 2024 2022

No. 28 Vacant offices 2626sqft £12,000 Recently refurbished space. First Front

No. 28 Vacant office/studio 323sqft £3,250 Small office and separate studio First Rear

No. 28 28 Feb Health Arena Limited TBC £3,000 N/A Storage use short ex act lease Second 2020

PASSING £81,750 Total 6,760sqft ERV £97,000

PROPOSAL

We are instructed to seek offers in the region of £1,300,000 (One Million Three Hundred Thousand Pounds) for the benefit of our client’s freehold interest. A purchase at this level equates to a net initial yield of 5.93%, a reversionary yield of 7.04% after taking into account purchasers costs at 5.99%.

VAT

The property is elected for VAT and therefore we expect that the transaction can be treated under the TOGC regulations.

FREEHOLD INVESTMENT For Sale Four Fully Let Retail Units with part let offices in the heart of the town centre 26 – 32 Bridge Street Morpeth Northumberland NE61 1NL

Whilst every effort has been made to ensure accuracy, no responsibility is taken for any error, omission or mis-statement in these particulars which do not constitute an offer or contract. No responsibility or warranty whatever is made or given either during negotiations or in particular by vendor, lessor or the agent. Reid Birkett, Registered in England No. 9271904. Registered office: 3 King John’s Court, Ponteland, Newcastle upon Tyne, NE20 9AR. Goad Digital Plans are for identification only and not to be scaled as a working drawing and are based upon the Ordnance Survey Map with the permission of The Controller of Her Majesty’s Stationary Office © Crown Copyright 39954X. No part of this plan may be entered into an electronic retrieval system without prior consent of the publisher. Experian, Goad House, Salisbury Square, Hartfield, Hertfordshire AL9 5BJ.