Acquired
Bishop Auckland – Charity Shop & 3 Flats
60/62 Newgate Street & 4,6,8 Westgate Road, Bishop Auckland DL14 7EQFreehold Retail & Residential Investment
Tenure
Freehold
Lease Term
5 Years
Years Left on Lease
Holding Over
Area
3,800 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Comprises ground floor shop and 3 residential flats at first and second floor (2 x 2-Bed and 1 x 1-Bed), accessed from the rear of the property
- Flats newly refurbished in 2022 to a high standard
- Nearby occupiers include Santander (adjacent), Admiral Casino, Boots Pharmacy and more.
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
Comprises ground floor shop and 3 residential flats at first and second floor (2 x 2-Bed and 1 x 1-Bed), accessed from the rear of the property, providing the following accommodation and dimensions:
Ground Floor: 179 sq m (1,927 sq ft)
Open plan retail, Storage, Office, WC
First Floor:
Flat 4: 58 sq m (624 sq ft)
2 Bedrooms, Kitchen, Living Room, Bathroom
Flat 6: 52 sq m (560 sq ft)
1 Bedroom, Kitchen, Living Room, Bathroom
Second Floor:
Flat 8: 63 sq m (678 sq ft)
2 Bedrooms, Kitchen, Living Room, Bathroom
Ground Floor: 179 sq m (1,927 sq ft)
Open plan retail, Storage, Office, WC
First Floor:
Flat 4: 58 sq m (624 sq ft)
2 Bedrooms, Kitchen, Living Room, Bathroom
Flat 6: 52 sq m (560 sq ft)
1 Bedroom, Kitchen, Living Room, Bathroom
Second Floor:
Flat 8: 63 sq m (678 sq ft)
2 Bedrooms, Kitchen, Living Room, Bathroom
Tenancy Description
Ground Floor Shop is at present let to Butterwick Hospice Retail Ltd for a term of 5 Years from 1st April 2019 at a current rent of £12,000 p.a. and the lease contains full repairing and insuring covenants. Rent review from 1st April 2022 outstanding.
Flat 4 is at present let on AST to an Individual for a term of 12 Months from 24th January 2023 at a current rent of £5,760 p.a. Deposit held of £480.
Flat 6 is at present let on AST to an Individual for a term of 12 Months from 26th February 2023 at a current rent of £4,800 p.a. Deposit held of £400.
Flat 8 is at present let on AST to an Individual for a term of 12 Months from 17th March 2023 at a current rent of £5,700 p.a. Deposit held of £475.
Flat 4 is at present let on AST to an Individual for a term of 12 Months from 24th January 2023 at a current rent of £5,760 p.a. Deposit held of £480.
Flat 6 is at present let on AST to an Individual for a term of 12 Months from 26th February 2023 at a current rent of £4,800 p.a. Deposit held of £400.
Flat 8 is at present let on AST to an Individual for a term of 12 Months from 17th March 2023 at a current rent of £5,700 p.a. Deposit held of £475.
Tenancies & Accommodation
Location Description
Bishop Auckland is a market town which lies some 12 miles south-west of Durham and 14 miles north-west of Darlington. The property is located opposite the junction with Victoria Avenue within the town centre, adjacent to Santander and amongst other such multiple retailers as Savers, Admiral, Peacocks, Vodafone and Halifax.