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

Freehold retail investment opportunity

Property details

Type Investment
Tenure Freehold, subject to the existing tenancy.
Price Offers over £195,000
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  • Currently let on a rebased lease to Bomarchè at a passing rent of £20,000 PA
  • 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 over £195,000 are sought for the freehold interest, representing a net initial yield of 10.03%.
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.

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.

See table:
Offers over £195,000 are sought for the freehold interest. A purchase at this level represents a net initial yield of 10.03%
The property is let to Bomarché at a passing rent of £20,000 per annum on a new five-year lease from 30/06/2021, expiring 29/06/2026. There is break clause on 30/06/2024.
We have been advised that VAT is not applicable on this property, however, purchasers should satisfy themselves in this regard.
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.