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A high-yielding property hosting a ladies’ fashion store in Bishop Auckland is expected to attract competitive bidding at our next live streamed property auction at the end of this summer.

The 3,270 sq ft property at 50-52 Newgate Street will be going under the hammer on 14 September 2023 with a guide price* of £145,000+.

James Mattin, our Agency Managing Director, explained that the large building is currently rented out to the Bonmarché chain for £20,000 per annum, representing a 13.79% yield based on the guide price.

Mr Mattin said: “This retail investment opportunity comprises of a substantial building first erected a number of years ago, and substantially rebuilt at the rear to provide an extensive ground floor extension.

“The property has a spacious sales area on the ground floor measuring 1,874 sq ft, with stock room, staff rooms and toilet facilities on the first floor.

“There is also the benefit of rear loading from the enclosed private car park which is included in the property’s domain and is capable of accommodating five to six vehicles.

“Bishop Auckland is a market town approximately 10 miles south of Durham, and the property is 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 there is a major branch of Wilko close by in the Newgate Shopping Centre.

“The property also has a rear frontage onto the Town Centre Bus Station on Tenters Street, together with pay and display car parks for customers.”

50-52 Newgate Street is let to Bonmarché at a passing rent of £20,000 per annum on a five-year lease from 30 June 2021, expiring 29 June 2026 with a break clause on 30 June 2024.

The Bishop Auckland property is just one of scores of lots appearing in our next property auction, which will start at 9 a.m. on Thursday, 14 September 2023.

If you have a property you are considering selling, visit email [email protected] or call 0121 312 1212 or 01902 928 510 for advice or to arrange a free no obligation valuation.

* Each property is subject to a reserve price which may be different from the guide price.  Please refer to the Important Information and legal pack(s) for further information and any additional fees which may apply.

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