| Property Type | |
| Tenure | For Sale |
| Size | 46,428 sq ft |
| Price | Offers in excess of £3,450,000 exclusive of VAT |
| Business Rates | Upon Enquiry |
| Energy Performance Rating | This property has been graded as C (55) |
The property comprises a purpose-built retail warehouse extending to 46,428 sq ft (GIA) arranged over ground and first floor, constructed in 2008/09 to a steel portal frame with profile metal cladding and a full height glazed entrance. The site area is 3.3 acres with 157 car parking spaces and benefits from direct access from the A1231 Sunderland Highway.
The ground floor unit of 26,439 sq ft is occupied by the British Heart Foundation as a furniture and electrical superstore. The first floor and part first (19,989 sq ft) is occupied by JD Gyms, accessed via a dedicated ground floor entrance. The two uses are highly complementary, with distinct trading patterns across the week that maximise the efficiency of the shared car park.
The property is fully let, producing a total passing rent of £278,008 per annum, reflecting a very low average of £5.99 psf, with a WAULT of 10.6 years to expiry (8.3 years to break). JD Sports Gyms Limited recently removed their December 2029 break, demonstrating commitment to the estate. 46% of the income benefits from contractual fixed uplifts in December 2029 and December 2034; the balance of the income is subject to an upwards only rent review in December 2029, offering further reversionary potential from a low base.
Both tenants are rated 'Very Low Risk' by Creditsafe - British Heart Foundation (86/100), the UK's largest independent funder of cardiovascular research, operating over 750 stores nationally; and JD Sports Gyms Limited (100/100), 97.5% owned by FTSE 100 constituent JD Sports Fashion plc, trading from more than 95 sites across the UK.
EPC: JD Gyms (first floor) A20, valid until April 2032; British Heart Foundation (ground floor) C55, valid until May 2032.
Option to purchase adjacent padel investment: the vendor has exchanged on an agreement for lease with Soul Padel, an established padel operator, to deliver seven courts on the adjacent plot. Term agreed is 10 years unbroken at an initial rent of £100,000 per annum with an RPI-linked review on the fifth anniversary of the term (collar and cap at 1% and 3% respectively per annum, compounded). This additional opportunity may be acquired alongside the subject, pricing to be agreed.
Tenure: Freehold. Title number TY436514.
VAT: the property is elected for VAT and it is anticipated that the transaction will be treated as a Transfer of a Going Concern (TOGC).
Washington is an established North East town of approximately 70,000 people, situated some 7 miles south of Newcastle upon Tyne and 10 miles north of Durham, at the heart of the A1(M) and A19 corridor. 175,640 people live within a 10 minute drive of the property.
The property is prominently situated on the northern side of the A1231 Sunderland Highway, immediately off a roundabout junction, approximately one mile east of Washington town centre and Junction 64 of the A1(M). It forms part of an established and well-maintained retail cluster which includes Lidl, B&M, The Food Warehouse, a McDonald's Drive Thru and Costa Coffee, generating strong and consistent footfall across the day. The scheme benefits from good visibility from the highway, generous surface car parking and straightforward vehicular access.
Newcastle Central station lies approximately 7 miles north, with frequent services to London King's Cross, Edinburgh and the wider UK network. Newcastle International Airport is approximately 15 miles north-west via the A1(M).
Washington supports approximately 354,000 sq ft of retail warehousing across three principal schemes, all of which are fully occupied. There is no recorded retail warehouse vacancy in Washington and zero availability of over 15,000 sq ft units within 8 miles of the subject.
