About this property
Morpeth, which has a population of more than 14,000, is the county town of Northumberland and its administrative centre. The town is a popular commuter centre serving the Tyneside and South East Northumberland conurbations. It lies 14 miles north of Newcastle upon Tyne, adjacent to the A1 Trunk road.
The town has long been a strong retailing centre drawing on its resident population and a wide rural catchment. The trading position of the town has been reinforced in recent years by the development of Sanderson Arcade, which is anchored by Marks and Spencers.
Sanderson Arcade, together with more recent development including a small retail park with one of the units occupied by Next with a Costa concession complements the traditional high street facilities centered on Bridge Street, Market Place, and Newgate Street.
This property occupies a prominent central position adjacent to the historic landmark Morpeth Clock Tower, dating from the 17th Century, on the west side of Market Place facing along Bridge Street, only 100 yards west of the Bridge Street entrance to Sanderson Arcade.
Nearby occupiers include Iceland, White Stuff, Subway, Clinton Cards, Santander, HSBC and TSB Bank. Morpeth has both a weekly Charter Market on a Wednesday and a thriving monthly Farmers’ Market on the first Saturday of every month. Both markets are held in Market Place opposite the property.
Limited on-street car parking is available near to the property with extensive free parking in various surface town centre car parks.
The property has traded for decades as a pharmacy, latterly as Boots. It comprises a double fronted shop within a five storey character landmark building dating from around 1900. The upper floors are self-contained and let under a single lease to a restaurant operator.
The shop benefits from a modern timber shop front to Market Place, and a return frontage to Oldgate. There is a recessed double door access off the Market Place frontage.
The shop offers open plan retail space. It is currently fitted out in Boots’ modern style with a suspended ceiling system incorporating CAT II lighting and a ceiling mounted air conditioning cassette with panelled walls. There is an office, store, staff room, and staff w.c. at the rear. The shop can be serviced from the rear service road if required. A floor hatch and permanent staircase provides access to a full height cellar offering dry storage.
Maximum Internal width 12.18 m (40ft)
Maximum Sales depth 9.86.m (32ft)
Net internal floor areas:
Sales area 93.91 sq m (1011 sq ft)
Rear area comprising
Office, store and staffroom. 9.49 sq m (102 sq ft)
Storage 76.83 sq m (827sq ft)
N.B. measurements taken to, and floor areas calculated, as currently fitted out.
The shop is available to let by way of a new internal repairing and insuring lease for a term of years to be agreed, but incorporating upward only rent reviews to market rent at the end of each 5th year of the term. There is a building service charge operating for the shared repair and maintenance of the building.
The shop is available for immediate trading.
The new lease is available at nil premium.
£25,000 per annum. The rent will be exclusive of business rates and payable quarterly in advance. The property is not registered for VAT and, therefore, VAT is not payable on the rent and service charge.
The freehold interest in the whole building is available for sale at £450,000. Full details of the lease on the upper floors and further information is available on request.
We understand that the property has a rateable value of £32,500. If the occupying business is eligible under the current Government Covid-19
measures to support business, the rates bill will be discounted by two thirds from 1 July 2021 to 31 March 2022.
Interested parties should confirm the Rates Liability with the Business Rates Department of Northumberland County Council.
Each party to bear their own legal costs
ENERGY PERFORMANCE CERTIFICATE
The shop property currently has an EPC rating of C-63.
A copy of the EPC and recommendation report is available on request.
CODE OF PRACTICE FOR COMMERCIAL LEASES
The Code of Practice for Commercial Leases in England and Wales recommends parties intending to enter into leases should seek advice from professionals or lawyers at an early stage. The Code is available through professional institutions and trade associations or through the website,
All figures above are exclusive of VAT where chargeable.
Strictly by appointment with YoungsRPS, (reference Michael Blake).
Based on a sale price of £450,000 the total amount of stamp duty payable will be:
Last updated: The calculator has been updated following the end of the stamp duty holiday on 1st October 2021.
* This value is based on the standard rate and not applicable to first-time buyers or buy-to-let / second home buyers.