Acquired
Bishop Auckland – Three Storey Retail Premises
16 Newgate Street, Bishop Auckland DL14 7EGFreehold Retail Investment with Future Residential Development Potential
Tenure
Freehold
Lease Term
5 Years
Years Left on Lease
3y 10m
Area
2,335 SQ FT
VAT Applicable
Yes
Sector
Investment Consideration
- 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.
Key Features
Tenure
Freehold
VAT
VAT is Applicable
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)
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 Description
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. Lease renewal. Tenant in occupation since 2019.
Tenancies & Accommodation
Location Description
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.