50-52 Newgate Street, Bishop Auckland, County Durham, DL14 7EQ

Freehold retail investment opportunity

Property details

Type Investment, Retail
Tenure Freehold, subject to the existing tenancy.
Price Offers invited at £215,000
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Features
  • Currently let on a rebased lease to Bomarchè
  • Excellent location on Newgate Street
  • Bishop Auckland is subject to a £33.2m Government Grant to invigorate the town centre
  • Nearby occupiers include Savers, Boots and Cooplands Bakers
  • Offers in the region of £215,000 are sought for the freehold interest, representing a net initial yield of 9.08%.
Location
Bishop Auckland is a market town approximately 10 miles south of Durham. The property is situated in a prime location on the east side of Newgate Street, at the junction with Tenters Street and just short of the Newgate Shopping Centre.Nearby retailers on Newgate Street include Heron Foods, Holland & Barrett, Boots, Savers, Vodafone, Poundland and a major branch of Wilko close by in the Newgate Centre. To the rear of the property on Tenters Street, to which it has a rear frontage, is the Town Centre Bus Station together with pay and display car parks.
Description

The property comprises a substantial building erected a number of years ago and at a later stage substantially rebuilt at the rear to provide an extensive ground floor rear extension. The property has the benefit of a private car park to the rear. The ground floor comprises a spacious sales area. At first floor level there are stock/staff rooms and toilet facilities. The property enjoys the benefit of rear loading from the enclosed car park which is included within the demise. This is capable of accommodating 5-6 vehicles.

Accommodation
See table:
Price
Offers in the region of £215,000 are sought for the freehold interest. A purchase at this level represents a net initial yield of 9.08%.
Tenancy
The property is let to Bomarché on a new five-year lease from 30/06/2021, expiring 29/06/2026. There is break clause on 30/06/2024. The rent for the first year, expiring on 30th June 2022, is £10,000 per annum and thereafter reverts to £20,000 per annum. The vendor will make up the difference between the current rent and the full rent for the period between completion and the review date, being 30th June 2022.
VAT
We have been advised that VAT is not applicable on this property, however, purchasers should satisfy themselves in this regard.
EPC
Available upon request.
Anti Money Laundering
In accordance with Money Laundering Regulations, two forms of identity and confirmation of the source of funding will be required from the successful purchaser.