Available
Barnard Castle – Shop & 4 Flats
23 Horsemarket, Barnard Castle, County Durham DL12 8LXFreehold Grade II Listed Retail & Residential Investment
Price
OIEO £500,000
Rent P.A.
£38,400
Yield
7.68%
Tenure
Freehold
Lease Term
10 Years
Years Left on Lease
Holding Over
Area
4,511 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Three-storey building comprising Ground Floor Shop with 2 x 2-Bed and 2 x 1-Bed Flats above
- Newly replaced roof and refurbished communal areas (£40,000)
- Town centre location with occupiers nearby including Morrisons, Costa Coffee, Specsavers, Co-Op Food, Boots, Hays Travel and more.
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
Comprises three-storey building arranged as a ground floor retail shop and 4 newly refurbished flats over first and second floor, accessed from the rear and providing the following accommodation and dimensions:
Ground Floor: 194 sq m (2,091 sq ft)
Sales Area - 67 sq m (722 sq ft)
Ancillary/Sales - 50 sq m (536 sq ft)
Rear Stores - 65 sq m (704 sq ft)
Kitchen - 12 sq m (129 sq ft)
First Floor: 112 sq m (1,210 sq ft)
Flat 2 - 39 sq m (424 sq ft)
1 Bedroom, Kitchen, Living Room, Bathroom
Flat 4 - 73 sq m (786 sq ft)
2 Bedrooms, Kitchen, Living Room, Bathroom
Second Floor: 112 sq m (1,210 sq ft)
Flat 1 - 39 sq m (424 sq ft)
1 Bedroom, Kitchen, Living Room, Bathroom
Flat 3 - 73 sq m (786 sq ft)
2 Bedrooms, Kitchen, Living Room, Bathroom
Total Retail & Residential Area: 418 sq m (4,511 sq ft)
Ground Floor: 194 sq m (2,091 sq ft)
Sales Area - 67 sq m (722 sq ft)
Ancillary/Sales - 50 sq m (536 sq ft)
Rear Stores - 65 sq m (704 sq ft)
Kitchen - 12 sq m (129 sq ft)
First Floor: 112 sq m (1,210 sq ft)
Flat 2 - 39 sq m (424 sq ft)
1 Bedroom, Kitchen, Living Room, Bathroom
Flat 4 - 73 sq m (786 sq ft)
2 Bedrooms, Kitchen, Living Room, Bathroom
Second Floor: 112 sq m (1,210 sq ft)
Flat 1 - 39 sq m (424 sq ft)
1 Bedroom, Kitchen, Living Room, Bathroom
Flat 3 - 73 sq m (786 sq ft)
2 Bedrooms, Kitchen, Living Room, Bathroom
Total Retail & Residential Area: 418 sq m (4,511 sq ft)
Tenancy Description
The retail shop is at present let to Marie Curie Cancer Care for a term of 10 years from 10th February 2014 at a current rent of £18,000 per annum and the lease contains full repairing and insuring covenants. Rent review from 2019 outstanding (upward only). Break clause in 2019 NOT exercised.
Flat 1 is at present let on AST to an Individual for a term of 6 Months from 16th April 2021 (Holding Over) at a current rent of £4,740 p.a. Deposit held of £395.
Flat 2 is at present let on AST to an Individual for a term of 6 Months from 25th June 2022 at a current rent of £4,740 p.a. Deposit held of £455.
Flat 3 is at present let on AST to an Individual for a term of 12 Months from 16th October 2021 (Holding Over) at a current rent of £5,400 p.a. Deposit held of £450.
Flat 4 is at present let on AST to an Individual for a term of 6 Months from 10th October 2022 at a current rent of £5,520 p.a. Deposit held of £460.
Flat 1 is at present let on AST to an Individual for a term of 6 Months from 16th April 2021 (Holding Over) at a current rent of £4,740 p.a. Deposit held of £395.
Flat 2 is at present let on AST to an Individual for a term of 6 Months from 25th June 2022 at a current rent of £4,740 p.a. Deposit held of £455.
Flat 3 is at present let on AST to an Individual for a term of 12 Months from 16th October 2021 (Holding Over) at a current rent of £5,400 p.a. Deposit held of £450.
Flat 4 is at present let on AST to an Individual for a term of 6 Months from 10th October 2022 at a current rent of £5,520 p.a. Deposit held of £460.
Tenancies & Accommodation
Location Description
Barnard Castle is located just north of the A66, approximately 16 miles West of Darlington and draws on an extensive, wealthy hinterland. The popular Market Town is situated in North Yorkshire with an affluent residential population. The property occupies a prominent location in Horsemarket opposite Costa Coffee and Boyes Department Store and close to Coop, Heron Foods, Holland & Barrett, Boots, and more.
