Acquired
Chester-le-Street – Retail Shop
101 Front Street, Chester Le Street, County Durham DH3 3BLFreehold Retail Investment
Tenure
Freehold
Lease Term
10 Years
Years Left on Lease
7y 1m
Area
2,458 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- *Fixed rental increases to £22,500 p.a. in February 2023 and £25,000 p.a. in February 2024
- Rent reviews linked to RPI every 5th Year
- VAT is NOT applicable to this property
- Comprises retail premises arranged over ground and first floor, with benefit of rear access
- Total area size of 228 sq m (2,458 sq ft)
- Future residential development potential, subject to obtaining the necessary consents.
- Located within short walk to Chester Le Street train station and Chester Le Street Library
- Nearby occupiers include Barclays, Post Office, Cardfactory, The Works, Heron Foods and more.
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
The property comprises retail premises arranged over ground and first floor. Future residential development potential, subject to obtaining the necessary consents.
The property provides the following accommodation and dimensions:
Ground Floor: Retail 83 sq m (894 sq ft)
Ground Floor: Ancillary 45 sq m (488 sq ft)
First Floor: Ancillary 100 sq m (1,076 sq ft)
Total area size: 228 sq m (2,458 sq ft)
The property provides the following accommodation and dimensions:
Ground Floor: Retail 83 sq m (894 sq ft)
Ground Floor: Ancillary 45 sq m (488 sq ft)
First Floor: Ancillary 100 sq m (1,076 sq ft)
Total area size: 228 sq m (2,458 sq ft)
Tenancy Description
The property is at present let to New Wave Detergents Ltd for a term of 10 Years from 9th February 2022 at a current rent of £20,000* p.a. and the lease contains full repair and insuring covenants. Fixed rental increase to £22,500 p.a. from 09.02.2023 and £25,000 p.a. from 09.02.2024. Rent review linked to RPI every 5th Year. Deposit held of £6,250. Tenant option to determine on 08.02.2027.
Tenancies & Accommodation
Location Description
Chester Le Street also known as Chester, is a market town and civil parish north of the River Wear, England. It is in the district, lieutenancy and historic palatine of Durham and is located 7 miles (11 km) south of Newcastle upon Tyne and 8 miles (13 km) west of Sunderland. The town holds markets Tuesdays, Fridays and Saturdays. The property is located within short walk to Chester Le Street train station and Chester Le Street Library. Nearby occupiers include Barclays, Post Office, Cardfactory, The Works, Heron Foods and more.
