Co-op Food, Cafe, Hair Salon & 3 Shops, Great Lumley

Property Description

• Freehold Mixed Parade with Blue-Chip Convenience Store Investment.
• The property is in a parade anchored by Coop with 5 units let to locals.
• The property occupies a site area of 9,177 sq ft and is arranged on ground floor.

Location Description

• Great Lumley is a village very close to Chester le Street and the A1(M) and is a commuter town for Durham and Newcastle.

Additional Notes

• Unit 1 and 2 of the parade is let to Co-Op for a term of 15 years from 12th October 2020 at a current rent of £65,000 per annum.
• The lease provides for rent reviews every fifth year of the term and contains full repairing and insuring covenants, there is a tenant break clause in year 10.
• All of the independent retailers have paid their rent in full throughout lock down and are nice local services who are benefitting from Coop opening next door.
• Coop moved to the parade from their existing unit ¼ mile down the road. This unit is larger and shows Coop’s confidence and commitment to the location. Feedback from Coop is very positive since opening.
• Unit 3 is let to independent ladies fashion store t/a Chic Sisters for a term of 10 years from 7th August 2019 at a current rent of £10,530 p.a.
• Unit 4 is let to independent cafe t/a Two sweet Peas for a term of 10 years from 18th April 2019 at a current rent of £11,640 p.a.
• Unit 5a is currently vacant which has a A1-A5 consent, estimated rental is £12,000 p.a.
• Unit 5b is let to independent hairdressers t/a Hair Studio for a term of 10 years from 1st February 2020 at a current rent of £7,200 p.a.
• Unit 5c is let to independent baby store t/a Baby Sensory for a term of 10 years from 7th September 2020 at a current rent of £7,500 p.a.