Tyne View House / 23 , Mitre Place, South Shields, Tyne & Wear, NE33 5SH
Popular, established commercial location consisting of a mix of trade, workshop, warehouse and open/self-storage users
Located within 2 minutes drive of Port of Tyne and 5 minutes drive from the A19
The roof of Tyne View House was recently replaced and steel portal frame strengthened
Freehold
Let to Alpha Paints Ltd and Garden Lane Garages Ltd (the co-terminus leases are in the respective directors names)
Low total passing rent of £50,000pa (£3,91 psf) offering potential for income growth at open market rent reviews in early 2027
Seeking offers over £650,000 exclusive offering potential reversion to over 9% at 2027 rent reviews
No VAT
Seeking offers in excess of £650,000 (£51 psf) which is a net initial yield after costs of 7.31% but with anticipated reversion to over 9% at rent review in early 2027.
Chris Donabie
Interested in this property?
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Fergus Laird
Interested in this property?
Please contact me
Location
The property is located on junction of Mitre Place and Temple Town, an established industrial location in South Shields. The property is 2 miles from South Shields town centre, and has excellent transport links being a 5 minute drive time from the A19 along Western Approach. The Port of Tyne is within a 2 minute drive time.
Description
Tyne View House is situated to the front of the property and is of steel portal frame construction with brick infill walls (overclad to the front) and a recently replaced dual pitched steel profile insulated roof above. The roof incorporates 10% translucent panels. The steel portal frame was also recently strengthened.
The warehouse/workshop space has 3-phase electricity, gas supply and LED lighting. The clear height to eaves level is 4.2m with the height at the apex being 8m. Vehicular access is via electric single roller shutter doors to the front and side of the property, with each door measuring 3m wide x 3m high. There is a loading area and parking for 6 cars to the front of the property.
Also to the front is an adjoining single storey building incorporating a trade counter, stores office and amenities. This space is presented to a good specification with external clad roof and elevations incorporating double glazed windows. Internally the space has gas central heating, suspended ceiling with recessed lighting, kitchen area and male/female toilets.
23 Mitre Place consists of a steel portal frame workshop with cladding above dado brick level and a dual pitched corrugated sheet covered roof and suspended lighting. Vehicular access is from a secure yard area via an electrical roller shutter door (3.7m h x 3.05m w). Adjoining the workshop is a two-storey office building with trade counter and stores on the ground floor, and offices, toilet and kitchen on the first floor. The ground floor trade counter leads into the rear of Tyne View House with vehicular access from Mitre Place through an electric roller shutter door (3m x 3m).
Terms
Freehold.
Tenancies
Tyne View House is let in the personal name of Mr Paul Edmonds who is the owner of Alpha Paints Ltd (Co No: 07696194) who operate from the property. The lease is on Full Repairing and Insuring terms subject to a photographic schedule of condition, expiring on 31 December 2033. There are upward only market rent reviews on 1st January 2027, 2030 and 2033. The passing rent is a low £26,000 pa (£3.93 psf).
23 Mitre Place & Rear of Tyne View House is in the personal name of Mr Alan Boak who is the owner of Garden Lane Garage Ltd (Co No: 14503368) who operate from the property, The lease is on Full Repairing and Insuring terms subject to a photographic schedule of condition, expiring on 31 December 2033. There are upward only market rent reviews on 1st February 2027, 2030 and 2033. The passing rent is a low £24,000 pa (£3.89 psf).
Proposal
Seeking offers in excess of £650,000 exclusive offering potential for reversion to over 9% at reviews in 2027.