Freehold Investment Property for sale

Undisclosed, Northumberland

Status

FOR SALE

Date Submitted:

14/05/21

Advert ID

276698

Reference

B06132 / Rightbiz
Freehold: £499,950
Business
Please quote reference B06132

Hilton Smythe is delighted to present to the market a prestigious commercial/residential investment property located just off the highly desirable marketplace in Northumberland.

The corner positioned stone built property is arranged over 4 floors with 3 of the floors being used for commercial use (currently a high-end salon business) and the top floor housing a luxury 1 bedroomed apartment.

The investment property is being sold with our client’s salon business in situ which could easily be transferred on to any new owner looking to purchase a freehold ‘Turn-key’ salon or alternatively be rented out to provide new rental income (similar sized units in this area achieve a rental income of around £20,000 per year).

The top floor luxury apartment would make an ideal holiday let or private long term rental investment (similar apartments in the area achieve a rental income of around £650 pcm).

Our client purchased the run-down property in early 2020 and embarked on a complete refurbishment programme (excess of £100,000).

Schedule of works carried out include –

  • New electrics throughout
  • New heating systems in both the commercial floors and top floor apartment
  • New plastering and remedial work on each floor
  • Refurbishment of all the windows including new skylights.
  • Refurbishment of all the original features and fireplaces  
  • Upgrading of all rear access areas
Commercial floors –

  • A contemporary hair & beauty salon space is now housed over the first and second floors with high end lighting, bespoke reception desk and display shelving units, back wash space with rear storage units, 10 hair stations and a beauty room. There are some additional design features including a glass wall panel on the first floor.
  • Lower ground floor – currently being used for storage, staffroom and office only, however, offers further potential for additional beauty treatment rooms.
Top floor apartment –

  • A stunning and luxury refit of this unused space with significant eye to design detail. It includes a ‘high spec’ fitted kitchen with integrated appliances, large bathroom and standalone bath with separate curved shower cubicle, new fitted cupboards in the sitting room and 2 x original cast iron fires.
Very rarely do we see complete refurbishment of this standard to a period building within the centre of Hexham. The experience of our client’s property development skills is clear to see in all areas of the property.

We highly recommend any investor or those looking for a new ‘Turn-key’ freehold business to make an early enquiry to avoid disappointment.



Location
This property enjoys a highly prominent corner trading position in Northumberland.

The unit sits along a parade of both independent retailers, high street banks, choice of restaurants and bars.

There are several available parking spaces on the adjacent streets as well three nearby car parks offering 2 hours of free parking.

Nearest mainline station is just 2 minutes’ walk from the property.



Premises
Ground floor –

  • Client waiting area and reception desk, built in retail shelving unit.
  • 6 x hair stations (with large mirrors & storage units) – potential to add a further 3 stations if required.
  • Backwash area – includes 2 x recliner chairs/sink units and rear storage shelving units.
  • Spiral staircase leading up to the first-floor salon.
Lower ground floor –

  • Staffroom & office
  • 3 x storerooms
First floor –

  • 5 x further hair stations
  • Toilet
  • Utility room – with new gas boiler, washing machine and dryer.
  • Treatment room
Second floor –

  • Hallway
  • New kitchen with fully fitted units & dining area.
  • Sitting room – includes bespoke fitted storage units & period cast iron fire.
  • Master double bedroom – with period cast iron fire
Our client is flexible to what of the current internal assets can be left.



Tenure
We are advised that this opportunity is being sold on a Freehold basis. 



Hours
N/A



Staff
N/A



Financial Profile
Please quote reference B06132



Contact Agent
Advert Reference:
B06132 / Rightbiz
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