Fawcett Street Sunderland, 21 Bedrooms Mixed Use ,11 Receptions ,For Sale

Fawcett Street

City Centre

Mixed Use | For Sale

Offers In Excess Of £750,000

21 1121
1 of 1
Kitchen
Full Screen
  • Freehold Investment Opportunity
  • Twenty One Letting Bedrooms
  • Ground Floor Retail Unit
  • Annualised Gross Rent Reserved: £79,420pa
  • Estimated Annualised Gross Rent (fully let): £92,680pa
  • Gross Yield (fully let) of 12.35%
  • City Centre Location
  • EPCs Available on Request

About this Property

CITY CENTRE INVESTMENT OPPORTUNITY // RESIDENTIAL APARTMENTS AND RETAIL UNIT // UNBROKEN FREEHOLD

Floor Plan

Sorry floor plan is not available

View PDF

Energy Efficiency Rating

Current
Potential
1
1
(92+)
A
(81-91)
B
(69-80)
C
(55-68)
D
(39-54)
E
(21-38)
F
(1-20)
G

CO2 Rating

Current
Potential
1
1
(92+)
A
(81-91)
B
(69-80)
C
(55-68)
D
(39-54)
E
(21-38)
F
(1-20)
G

Interested in this property? Call 0191 2431000

Overview

Mixed Use investment opportunity comprising of ground floor retail unit with residential apartments above.

Situation

The property is located on Fawcett Street in Sunderland City Centre. Fawcett Street is a busy street with many local and national retailers, including Flannels, Lloyds Bank, Greggs and Betfred in the immediate vicinity, as well as being in close proximity to The Bridges shopping centre and Sunderland University. The property benefits from excellent transport links with Sunderland Rail/Metro station being only a short walk away providing local, regional and national rail links, and many local bus routes nearby.

Description

The property is a four storey brick building under a pitched and flat roof covering. The ground floor of the property comprises a retail unit with basement storage. To the upper floors the property provides residential accommodation with 3no. Three bedroom apartments, 7no. Studio apartments and 1no. Cluster flat with five bedrooms.

Sunderland

Sunderland is a city in the North East of England, located on the banks of the River Wear, 10 miles southeast of Newcastle upon Tyne and 12 miles northeast of Durham. Sunderland and Park Lane stations are both main interchanges on the Tyne and Wear Metro system, connecting the city directly to Newcastle city centre and Newcastle Airport with journey times of 30 minutes and 55 minutes respectively. Sunderland Rail station provides regular direct services to London, and the city is connected to the national road network via the A19 which runs north-south allowing access to Newcastle and York and close to the A1 for wider connections north and south to cities such as Leeds, Edinburgh and London.

Sunderland Student Housing

The university has around 12,000 on- campus students, of which approximately 7,000 reside within the city. Of these 7,000 students over 46% reside in private rented accommodation, with others living either in their own home, their parental home or in university accommodation. Students who reside in University owned accommodation live in one of four residential sites, Clanny House, Scotia Quay, Panns Bank and The Precinct, all of which are located on the south side of the river. The total supply of University halls of residence accommodation is approximately 1,500 beds.

Sunderland University

Sunderland University's City Campus is located to the west of the city centre, located on Chester Road. The Campus is home to The Gateway, a centre for administration and support services, Murray Library, Pharmacy School, Living Labs and School of Nursing. The Tom Cowie Campus is located on the north bank of the River Wear and houses the David Puttnam Media Centre, Informatics Centre and centre for Computing and Engineering. The University had a total of 13,000 students in 2016/17 and in 2018 was selected to host one of the five new medical schools to be established and is set to take in new students in September 2019.

Tenancies

The ground floor of the property is currently let to Benn Chapman and Jamie Meeson, trading as Protein Superstore, by way of ten-year lease dated April 2016. The passing rent is £10,000pa. The upper floors of the property are let on individual Assured Shorthold Tenancies with a monthly gross income of £6,890 when fully occupied. The annualised income of the residential element, when fully let, is therefore £82,680. We believe there is scope to improve the gross annual rental income through internal improvement works and re-letting the units on 12-month tenancies. *Please see Accommodation Schedule for further information.

Energy Performance Certificates

Energy Performance Certificates are available upon request.

VAT

We are advised by our client that VAT is not chargeable on the property.

Proposal

We are instructed to seek Offers in Excess of £750,000 for our clients freehold interest in the property.

Contact

Viewings strictly by appointment with the Sole Agents Chris Wilkin / 0191 211 3963 / chriswilkin@waltonrobinson.com

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