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Newcaste upon Tyne, , NE2 2RA

Status: For Sale
Tenure: Freehold
Property: Fern Avenue
Size: 7,750 sq ft
Ref: 50583

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Description:

The site extends to approximately 720 m2 and is currently occupied by three vehicle workshops.

Location:

The site is centrally situated in Jesmond just off Osborne Road in this very convenient and prestigious residential location immediately to the east of Newcastle City Centre. The site is very convenient for the popular bars and restaurants on Osborne Road and the very successful local shopping area on Acorn Road and within easy walking distance of both Jesmond and West Jesmond Metro Station.

The immediate surrounding area comprises high value residential dwellings

Freehold Price:

Our clients are seeking offers in excess of 600,000 (Six Hundred Thousand Pounds) for the benefit of the freehold interest.

Tenancy:

The site is available freehold and will be sold subject to a lease on Units 4 and 5 expiring on 15 June 2012. It is considered that vacant possession would be available on the ground of redevelopment and the current income is 15,000 per annum. We are further of the opinion that the estimated rental value of the entire site is 43,000 per annum.

Planning:

Following discussions with Newcastle City Council the site is considered suitable for residential development subject to meeting the planners requirements in terms of size and scale of the scheme and enquiries will need to be progressed directly with the City Council in this regard.

However, interested parties should contact the agent in the first instance.

Viewing:

For general enquiries and viewing arrangements please contact Tim Rodgers on 0191 232 7030 or email timrodgers@naylors.co.uk.