Investment Consideration:
Gross Initial Yield: 9. 60%
Rental Income: £14, 400 p. a.
VAT is applicable to this property
Comprises ground floor shop with ancillary accommodation at first and second
floor
Future residential development potential, subject to vacant possession and
obtaining planning
Nearby occupiers include HSBC, Lloyds, Sports Direct, NatWest and many more.
Property Description:
The property comprises ground floor shop with ancillary accommodation at first
and second floor, providing the following accommodation and dimensions:
Ground Floor: Shop 67 sq m (721 sq ft)
First Floor: Storage 75 sq m (807 sq ft)
Second Floor: Storage 75 sq m (807 sq ft)
Total area size: 217 sq m (2, 335 sq ft)
Tenancy:
The entire property is at present let to Phone Tech Revive Limited (with 2
personal guarantors) for a term of 5 Years from 1st September 2023 at a
current rent of £14, 400 p. a. And the lease contains full repairing and
insuring covenants. Rent review on 01. 09. 2026 open market upward only. Tenant
option to determine on 01. 09. 2026. Tenant pays reduced rent of £11, 500 p. a.
Until 01. 01. 2024. Vendor will top up rent so the buyer receives the equivalent
of £14, 400 p. a. From completion. Lease renewal. Tenant in occupation since
2019.
Location:
Bishop Auckland is a market town in County Durham in North - East England. It is
located about 12 miles (19 km) northwest of Darlington, 12 miles (19 km)
southwest of Durham and approximately 32 (51 km)miles south of Newcastle. The
nearest motorway junction is Junction 60 of the A1(M), which is around 8 miles
away. The property fronts directly onto Newgate Street, one of the main
designated retail streets in Bishop Auckland. Nearby occupiers include HSBC,
Lloyds, Sports Direct, NatWest and many more.

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