Freehold Property to buy in North Shields

Key points

• Purpose-built cinema complex with four adjoining restaurant units totalling 57,065 sq ft forming part of the regionally dominant Silverlink Shopping Park.
• Anchored by a nine screen Odeon cinema, including an IMAX screen. The lease is secured against Odeon Cinemas Holdings Limited until September 2038, with annual RPI uplifts (c/c 1% - 4%).
• The restaurant units provide flexible accommodation between 3,203 sq ft and 4,140 sq ft GIA. The units are currently let to Five Guys, Pizza Hut, Nando’s and Cassia.
• The overall scheme produces a topped up annual income of £1,241,104 pa, reflecting £21.75 psf.
• The weighted average unexpired income to break is 11.7 years.
• Freehold site extending to 6.44 acres, reflecting a very low site coverage of 20%.
• The subject property is situated approximately 5.5 miles north east of Newcastle city centre. It occupies a highly prominent location just off the newly upgraded Silverlink Interchange, where the A1058 intersects the A19.
• The property itself is situated in a prominent position on the northern side of Silverlink Retail Park. Neighbouring occupiers include M&S, Currys, Next, JD and Sports Direct.
• Large catchment population of 430,267 within a 15 minute drive time, increasing to 853,483 within 20 minutes.
• Superb car parking ratio of 1:91 sq ft presents a number of potential asset management and development opportunities, subject to planning.