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

High Yielding Freehold Retail Investment Opportunity in Bishop Auckland, Co. Durham

Guide price*

£145,000+

Plus fees

Unsold

Lot 133 Commercial Investment
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Auction details:

Thursday 14th September 2023 @ 09:00AM

High Yielding Freehold Retail Investment Opportunity Current Gross Income: £20,000 pa. Yielding 13.79%

Property 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.

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.

Energy Performance Rating

E.

Tenure

Freehold – Subject to the existing tenancy.

Tenancy Details

The property is let to Bonmarché at a passing rent of £20,000 per annum on a new five-year lease from 30/06/2021, expiring 29th June 2026. There is break clause on 30th June 2024.

Value Added Tax

We have been advised that VAT is not applicable on this property, however, purchasers should satisfy themselves in this regard.

Auctioneer's Note

Please note that the completion period for this property is 6 weeks (42 days).
Please note offers may be considered prior to the Auction Sale.

Remote Bidding Auction

This property is being offered via a remote bidding auction with bidding by proxy, telephone or internet only. You will need to pre-register for remote bidding, provide your identification and debit card details no later than 24 hours prior to the auction, please visit our website for further details. This property is being offered via a remote bidding auction with bidding by proxy, telephone or internet only. You will need to pre-register for remote bidding, provide your identification and debit card details no later than 24 hours prior to the auction, please visit our website for further details.

Viewings

Strictly by appointment with the Auctioneers.

Accommodation

Sq.m. Sq.Ft.
Ground Floor Sales Area: 174 1,874
ITZA: 103 1,106
First Floor Stores: 95 1,025
First Floor Staff: 27 291
Rear Stores: 7 80
Total: 303 3,270
DISCLAIMER

Bond Wolfe or their Agents for the seller of these Lots give notification that any particulars contained within the catalogue/website are prepared to the best of their knowledge and include information that has been provided to them. Plans, photographs and room measurements (provided via a 3rd party) are provided as guidance only and should not be relied upon. All potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars or to obtain further information that is not provided which they deem to be important prior to bidding. Any amendments to the particulars that Bond Wolfe are aware of will be published on the addendum, which is available within the lot information.

LIVE-STREAMED AUCTION

Please note that the Auction will be livestreamed via our website.  You can take part remotely via Proxy, Telephone or Online, if you wish to bid you must pre-register via our website no later than 3pm the day prior to the auction. Please click here for further details.

*DEFINITION OF GUIDE & RESERVE PRICE

All properties are sold subject to a reserve price, which is the minimum price the seller is willing to accept and is confidential between the seller and Auctioneer. The guide price is only an indication as to where the reserve is currently set and not necessarily the Auctioneers expectation of what it will sell for. If the guide price is a bracket figure, then the reserve price cannot be higher than the top end of the guide price, if the guide price is a fixed figure, then the reserve cannot be more than 10% above the guide price. The guide price and reserve price can be subject to change at any time up to and including the auction day and, properties can often sell for substantially more than the quoted guide price.

COSTS AT AUCTION

When buying at auction you will unconditionally exchange contracts on the fall of the auctioneer’s gavel, please therefore ensure you have read the legal pack for each property prior to bidding.  They are all individual and include the terms and conditions of your purchase as well as any costs in addition to the purchase price.

The sale of each lot is subject to an administration fee of £1,920 inc VAT (£1,600.00 + VAT) (unless otherwise stated in the important information), payable on the fall of the gavel/at the end of the online auction.  Please note that the administration fee for the Local Authority lots may differ and all interested parties should enquire directly with the Auctioneers as to the fee applicable.

Any additional costs excluding the administration fee will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack has been prepared by the seller’s solicitor(s), who are responsible for its contents and disclosing all know information. It is available to download free of charge under the ‘lot information’, and you take responsibility for reading and understanding the legal pack and are bound by all the contents. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.

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