21-23 Bridge St
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21-23 Bridge St
3,020 SF 100% Leased Retail Building Morpeth NE61 1NT $1,647,655 ($546/SF) 7% Cap Rate
Investment Highlights
- Prominent Freehold town centre
- Ground floor retail totals 280.7m² (3,020ft²).
- Mixed use retail and residential investment
- Upper floors converted to provide 4 self-contained 2 bed apartments all with en-suite bathrooms and open plan kitchen / living areas.
Executive Summary
The property comprises of a modern terrace building arranged over ground, first and second floors. The ground floors are occupied by Greggs and Boots Opticians. A separate entrance provides access to the upper floors which have undergone a complete refurbishment to provide 4 attractive apartments. To the rear there is a private service yard and off street parking. The retail units total 280.7m² (3,021ft²) and both benefit from large glass frontage. The upper floors total 341.3m² (3,672ft²) and are accessed by a separate entrance. Full floor plans are available to interested parties and viewing is highly recommended.
We are instructed to seek offers in excess of £1,300,000 equating to a net initial yield of 7.0% assuming purchasers costs at 5.51%.
We are instructed to seek offers in excess of £1,300,000 equating to a net initial yield of 7.0% assuming purchasers costs at 5.51%.
Property Facts
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Storefront Retail/Residential
Building Size
3,020 SF
Building Class
C
Year Built
1980
Price
$1,647,655
Price Per SF
$546
Cap Rate
7%
NOI
$115,336
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
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21-23 Bridge St
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