TIME:Commercial Long Income secured an exclusive off market purchase of this freehold property comprising a purpose built supermarket, built in 2015 and around 60,000 sq ft in size.
The supermarket is let in its entirety to Morrisons PLC, the fourth largest chain of supermarkets in the UK, on a Full Repairing and Insuring lease with a remaining lease term of 18 years with no breaks. The rent is reviewed every five years, linked to RPI (1% floor and 4% cap). Morrisons has a Dun & Bradstreet credit rating of 5A1, which they define as a ‘minimum risk of
The supermarket is arranged across three levels and sits on stilts with car parking for 310 vehicles below.
The property is located in Birtley town centre near Gateshead in the north east of England. Birtley is located 12 kilometres from Newcastle upon Tyne and 15 kilometres west of Sunderland. The property benefits from good road connections being situated at the hub of the regional road network, the A1(M) running parallel with Durham Road (A167), with direct access from the
main roads. There are also local train services via nearby Chester-Le-Street on the main east coast main line.
There are over 120,000 people living within a three mile radius of the store. Birtley is recognised as a well-established commuter town and a mixed residential and industrial suburb.