Acquired
Bishop Auckland – Double Fronted Shop & 3 Flats
168/170 Newgate Street, Bishop Auckland, County Durham DL14 7EJFreehold Vacant Retail & Residential Investment
Investment Consideration
- ERV: £21,140 p.a. GIY: 14.09%
- Comprises double fronted ground floor shop and 3 self-contained flats at first floor and loft
- Development potential to split the large shop into 2 individual units, subject to planning
- Nearby occupiers include Morrisons and ASDA Superstores, Takeaway, Pharmacy and more.
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
The property comprises double fronted ground floor shop and 3 self-contained flats at first floor and loft, providing the following accommodation and dimensions:
Ground Floor Shop: 94 sq m (1,012 sq ft)
First Floor Flat 1: 38 sq m (409 sq ft)
First Floor Flat 2 : 46 sq m (495 sq ft)
Loft Flat 3: 37 sq m (398 sq ft)
Total area size: 215 sq m (2,314 sq ft)
Ground Floor Shop: 94 sq m (1,012 sq ft)
First Floor Flat 1: 38 sq m (409 sq ft)
First Floor Flat 2 : 46 sq m (495 sq ft)
Loft Flat 3: 37 sq m (398 sq ft)
Total area size: 215 sq m (2,314 sq ft)
Tenancy Description
The retail shop is at present vacant. ERV: £8,000 p.a.
Flat 1 is at present let on AST to an Individual for a term of 6 Months from 4th November 2022 at a current rent of £4,200 p.a. Deposit held of £350.
Flat 2 is at present let on AST to an Individual for a term of 12 Months from 17th July 2022 at a current rent of £4,740 p.a. Deposit held of £395.
Flat 3 is at present let on AST to an Individual for a term of 6 Months from 27th October 2022 at a current rent of £4,200 p.a. Deposit held of £350.
Flat 1 is at present let on AST to an Individual for a term of 6 Months from 4th November 2022 at a current rent of £4,200 p.a. Deposit held of £350.
Flat 2 is at present let on AST to an Individual for a term of 12 Months from 17th July 2022 at a current rent of £4,740 p.a. Deposit held of £395.
Flat 3 is at present let on AST to an Individual for a term of 6 Months from 27th October 2022 at a current rent of £4,200 p.a. Deposit held of £350.
Tenancies & Accommodation
Location Description
Bishop Auckland is a busy market town in a popular commercial location with a large catchment area lying approximately 12 miles south of Durham City and 13 miles north of Darlington. The property is located on the edge of town centre but in the most popular non pedestrianised location of town within short walk to Morrisons and Asda Superstores and occupiers nearby including number of local restaurant/takeaways, pharmacy, charity shop and more.
