Acquired
Willington – Londis & Post Office
84/85 High Street, Willington, Crook, County Durham DL15 0PEFreehold Retail Investment
Tenure
Freehold
Lease Term
25 Years
Years Left on Lease
16y 11m
Area
3,120 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Let until October 2041. No breaks. Rent review linked to RPI every 3rd year
- Comprises double fronted convenience store at ground floor with 4-bedroom flat above
- In same ownership since 1996. Trading as post office for 60+ years.
- Occupiers nearby include Opticians, Takeaway, Hardware Shop and many more.
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
The property comprises double fronted ground floor convenience store & post office with internally accessed 4-bedroom flat at first floor, providing the following accommodation and dimensions:
Ground Floor: Open plan retail, Storage, WC
First Floor: 4 Bedrooms, Living Room, Kitchen, Bathroom/WC
Ground Floor: Open plan retail, Storage, WC
First Floor: 4 Bedrooms, Living Room, Kitchen, Bathroom/WC
Tenancy Description
The property is at present let to an Individual t/a Londis & Post Office for a term of 25 years from 24th October 2016 at a current rent of £24,900 per annum and the lease contains full repairing and insuring covenants. Rent review linked to RPI every 3rd Year. No breaks.
Tenancies & Accommodation
Location Description
Willington is a village in County Durham, England, in the foothills of the Pennines and near the River Wear close to Crook, Bishop Auckland and Durham City. The property is approx. 3 miles from Bishop Auckland which provides access to a large range of amenities, such as healthcare services, supermarkets, popular high street retail stores and banks. There is an extensive public transport system which allows for access to not only the neighbouring towns and villages but to further afield places such as Darlington, Durham, Newcastle and York. For commuters the property also has easy access to the A690 which leads to the A1 (M) both North and South. Occupiers nearby include Opticians, Takeaway, Hardware Shop and many more.