Available
Stockton-on-Tees – 2 Shops & 4 Flats
4-8 (Even) Norton Road, Stockton-on-Tees, Cleveland TS18 2BNFreehold Retail & Residential Investment with Development Potential
Price
£300,000
Rent P.A.
£17,536
Yield
5.85%
Tenure
Freehold
Lease Term
16 Years
Years Left on Lease
2y 2m
Area
3,702 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Entire property Let to Coral Racing Limited until 2027, no breaks
- Rent review in September 2026. Fixed increase by a minimum of 2.5% p.a. compounded
- Comprises two ground floor shops with basement (no access) and 4 x 1-Bed Flats on upper floors.
- Development potential to renovate the building and develop additional residential accommodation STTP
- Property benefits from building restoration grants which covers 73.5% of the eligible costs
- Occupiers close by include Argos, Debenhams and Costa Coffee, amongst a range of local traders.
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
Comprises double fronted retail shop previously t/a Coral and additional lock-up shop to the rear, with separately accessed staircase leading to four flats on the upper floors, providing the following accommodation and dimensions:
Ground Floor - 160 sq m (1,722 sq ft)
Two Retail Shops (1 x Double Fronted)
First Floor:
Flat 1 - 35 sq m (377 sq ft)
Bedroom, Kitchen, Living Room, Bathroom/WC
Flat 2 - 45 sq m (484 sq ft)
Bedroom, Kitchen, Living Room, Bathroom/WC
Second Floor:
Flat 3 - 67 sq m (721 sq ft)
Bedroom, Kitchen, Living Room, Bathroom/WC
Flat 4 - 37 sq m (398 sq ft)
Bedroom, Kitchen, Living Room, Bathroom/WC
Total area size: 344 sq m (3,702 sq ft)
Ground Floor - 160 sq m (1,722 sq ft)
Two Retail Shops (1 x Double Fronted)
First Floor:
Flat 1 - 35 sq m (377 sq ft)
Bedroom, Kitchen, Living Room, Bathroom/WC
Flat 2 - 45 sq m (484 sq ft)
Bedroom, Kitchen, Living Room, Bathroom/WC
Second Floor:
Flat 3 - 67 sq m (721 sq ft)
Bedroom, Kitchen, Living Room, Bathroom/WC
Flat 4 - 37 sq m (398 sq ft)
Bedroom, Kitchen, Living Room, Bathroom/WC
Total area size: 344 sq m (3,702 sq ft)
Tenancy Description
The entire property is at present let to CORAL RACING LIMITED for a term of 16 years from 28th February 2011 at a current rent of £17,536.83 p.a. The lease provides for a rent review in September 2026. The rent is to be increased by a minimum of 2.5% p.a. compounded. Therefore, the rent will rise to a minimum of £19,841.31 p.a. in September 2026. The lease contains full repairing and insuring covenants. The tenant is not currently in occupation. We understand that Flats 1-4 are currently vacant.
Tenancies & Accommodation
Location Description
Stockton-on-Tees is a major commercial centre located approximately 30 miles south of Newcastle upon Tyne and 4 miles west of Middlesbrough. The town benefits from excellent road communications, being two miles west of the A19 link road and one mile north of the A66 dual carriageway, which links the A19 with the A1(M) Motorway. This corner property is situated on the east side of Norton Road, at its junction with King Street.
