Westgate 2,279 SF 100% Leased Retail Building Haltwhistle NE49 9AF $557,602 CAD ($244.67 CAD/SF) 11.80% Cap Rate

Investment Consideration:
Gross Initial Yield: 11.80%
Rental Income: £35,400 p.a.
VAT is NOT applicable to this property
Comprises two ground floor shops and large 4-bed residential flat at first floor with 1 parking space
Residential flat has been newly refurbished in 2024 to a high standard and includes large private terrace
Nearby occupiers include Boots, Co-op Supermarket, Haltwhistle Library and a public car park.
Property Description:
An end-of-terrace property comprising 2 retail shop at ground floor and large 4-bedroom flat at first floor, accessed from the rear and providing the following accommodation and dimensions:
Ground Floor Shop No.1: 55 sq m (592 sq ft)
Open plan retail, storage, office, wc
Ground Floor Shop No.1A: 52 sq m (560 sq ft)
Open plan retail, storage, office, wc
First Floor Flat: 104.77 sq m (1,127 sq ft)
4 Bedrooms, kitchen/living room, bathroom, terrace
Total GIA: 211.77 sq m (2,279 sq ft)
Tenancy:
Shop No.1 is at present let to Haltwhistle Partnership Ltd t/a Charity for a term of 3 years from 1st April 2024 at a current rent of £6,600 p.a. and the lease contains full repairing and insuring covenants. Tenant has option to determine on 1st April 2024 and thereafter with rolling 1 month notice.
Shop No.1A is at present let to an Individual t/a hair and beauty salon for a term of 10 years from 28th February 2019 at a current rent of £4,800 p.a. and the lease contains full repairing and insuring covenants. Tenant has option to determine on 1st March 2025.
Room 1 is at present let on AST to an Individual for a term of 12 Months from 30th January 2025 at a current rent of £5,400 p.a. Deposit held of £450.
Room 2 is at present let on AST to an Individual for a term of 12 Months from 5th January 2025 at a current rent of £6,000 p.a. Deposit held of £500.
Room 3 is at present let on AST to an Individual for a term of 12 Months from 19th December 2024 at a current rent of £6,000 p.a. Deposit held of £500.
Room 4 is at present let on AST to an Individual for a term of 12 Months from 6th January 2025 at a current rent of £6,600 p.a. Deposit held of £550.
Location:
Haltwhistle is an attractive town situated on the A69 trunk road between Carlisle (21 miles) and Newcastle-upon-Tyne (36 miles). The town benefits from a railway station and is on the Carlisle to Newcastle line. The town is popular with tourists principally due to the close proximity to Hadrian’s Wall and the Pennine Way, which runs through the town. The property is situated in a prominent corner position on Westgate, which is the town’s main shopping street, at its junction with Aesica Road. Occupiers close by include Boots, Save the Children, Co-op Supermarket and the library with adjacent public car park.