About this property
The subject property is located on Shakespeare Street, a mixed specialised retail and office location, which runs alongside the Theatre Royal, opposite the stage door entrance, and connects Pilgrim Street with Grey Street, forming part of the ground floor of Shakespeare House, a refurbished mixed use building offering restaurants and retail space with refurbished offices above.
The property is situated adjacent to Lady Grey’s Bar, with on street parking directly to the front. The Monument Metro station lies a few minutes’ walk away, and is a two minute drive from the Central Motorway, A167(M).
Newcastle’s prime retail areas of Northumberland Street and Intu Eldon Square Shopping Centre are only a few minutes’ walk and Central Station can be reached within a 10 minute walk.
There are a number of surface and multi-storey car parks close to the property.
The premises comprise a shop unit arranged on three main levels, within Shakespeare House, constructed in brick and stone.
The shop benefits from a display frontage with fascia above. There is an internal security grille installed across the shop front.
The unit offers interesting accommodation, having a main retail space on the ground level, which is all open plan with a staircase leading up to the first floor, which provides accommodation for w.c. facilities, as well as a small room which was previously used for a beauty room.
Leading off from the rear of the retail space on the ground floor is a staircase down to the lower ground floor, which comprises three individual rooms which were previously used as private beauty rooms, but can be combined to create a large open space, with a further room with a large area for basement storage.
The property would be suitable for a variety of retail uses, or for a continuation of its most recent use as a beauty salon.
The property forms part of a Grade II Listed Building and lies within Newcastle Central Conservation Area.
The property provides the following net internal floor areas:
Ground floor sales 23.69 sq m (255 sq ft)
Sales 36.72 sq m (395 sq ft)
Rear store 15.75 sq m (170 sq ft)
Front store 23.84 sq m (257 sq ft)
Sales 9.96 sq m (107 sq ft)
Washroom 4.54 sq m (49 sq ft)
The accommodation is available by way of assignment of the existing lease. The current lease is for a term of 10 years from 7 August 2017, with a tenant’s break option 7 August 2022.
If a longer lease term is required, a new lease could be available on terms to be agreed.
The property has a rateable value of £10,780. The occupying business may be eligible for partial or full exemption from business rates.
Interested parties should verify this figure and the amount of rates payable with the business rates department of Newcastle City Council.
Each party to bear their own legal costs in connection with the preparation and execution of the lease.
There is a service charge payable to allow the landlord to recover a fair proportion of the landlords’ costs in repairing, maintaining and managing the building of which 16 Shakespeare Street forms part. The estimated amount of service charge payable for the current year is approximately £4,000.
In addition, the tenant is liable for a fair proportion of the premium for insuring the building. The estimated amount of insurance payable for the current year is approximately £1,000.
Newcastle City Council, Civic Centre, Barrass Bridge, Newcastle upon Tyne (Tel: 0191 2328520)
All figures quoted above are exclusive of VAT where chargeable. The property is registered for VAT purposes.
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, www.commercialleasecodeew.co.uk
Strictly by appointment with sole agents YoungsRPS.
Stephanie Dixon on 0191 8146803
Michael Blake on 0191 8146801