A building housing two Teesside businesses has been placed on the market for £215,000.

Situated at 2 Milbank Terrace and 10 West Dyke Road in Redcar, the property is currently home to a hot food takeaway and a retail unit on the ground floor.

According to estate agents Pattinsons, both businesses have agreed to five-year leases with no scheduled break clauses, commencing in September.

The takeaway unit will have a passing rent of £800 per month, whilst the retail unit will have a passing rent of £475 per month.

Both leases are on fully repairing insuring terms.

Above the commercial units, the property boasts four-bedroom accommodation, which has been fully refurbished and is suited for contractor use.

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The vendor indicated that the estimated rate is around £125 per room per week.

Pattinsons also noted that the property has the potential to generate £41,300 per year.

The property holds a freehold title and has a current rateable value of £4,200, as of April 1, 2023, as sourced from the VOA.

The location of the building is central, being adjacent to Redcar town clock and within walking distance of Redcar train station.

West Dyke Road also provides access to the seafront.

The area is populated with a variety of businesses, including the Arriva bus station, cafes, bars, and independent retailers.

The property falls under Council Tax Band A and the building has two Energy Performance Certificates with ratings C and G which are available on request.