**Location**
The subject property is located on Front Street in the town centre of
Corbridge. The property is surrounded by a mixture of houses and businesses
including Corbridge Cookshop, Massey’s Tea Room, Corbridge Tandoori and Shorts
of Corbridge. Corbridge is an affluent village in Northumberland, situated on
the River Tyne and is 4 miles east of Hexham and 20 miles west of Newcastle
upon Tyne city centre.
**Description**
The subject property comprises an end terrace stone built building which is
currently occupied and fit out as a restaurant. The ground floor comprises a
restaurant area and there are WC’s and office facilities to the first floor.
There is a residential flat to the second floor with four bedrooms. The flat
is only accessible through the restaurant and forms part of the overall demise
which the sole tenant occupies.
**Accommodation**
Ground floor 136. 6m² 1, 470ft²
First floor 40. 4m² 435ft²
Second floor 101. 0m² 1, 087ft²
Total 278. 0m² 2, 992ft²
**Tenancy information**
The property is currently let to a private individual, trading as Casa Rosso
restaurant. The lease is for a term of 6 years and 11 months from 9th November
2019, at a rent of £40, 000 per annum.
**Rating assessment**
The rateable value of the premises as at 1 April 2023 is £43, 750 and the
estimated rates payable for the current year is £21, 831. 25. This is based on
the standard Small Business Rate of 49. 9p in the pound, however, interested
parties should confirm the current position with the Local Authority.
**EPC rating**
Awaiting EPC Rating.
**Terms**
The freehold of the property is available with a guide price of £475, 000 (Four
Hundred and Seventy Five Thousand Pounds). This equates to a net initial yield
of 8. 05% assuming purchaser’s costs at 4. 59%
**VAT**
All rents, premiums and purchase prices quoted herein are exclusive of VAT.
All offers are to be made to Bradley Hall upon this basis, and where silent,
offers will be deemed net of VAT.
**Legal costs**
Each party is to bear their own legal costs involved in the transaction.
**Anti - money laundering regulations**
In accordance with the Anti - Money Laundering Regulations the Purchaser/Tenant
will be required to provide two forms of identification and proof of the
source of income.

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