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Retail Investment In Prominent Location , 50-52 Newgate Street, Bishop Auckland, DL14 7EQ

3,270 Sq Ft / Retail / General Retail

For Sale - £225,000.00

Available - Last updated: 21 June 2022

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 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 capable of accommodating 2-3 vehicles.

Included within the demise is a small building to the rear on the return frontage capable of being sold off or redeveloped for further additional residential units.

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.

Accommodation

Ground Floor Sales - 174 sq m (1,874 sq ft)

ITZA - 103 sq m (1,106 sq ft)

First Floor Stores - 95 sq m (1,025 sq ft)

First Floor Staff - 27 sq m (291 sq ft)

Rear Stores - 7 sq m (80 sq ft)

Total Accommodation - 303 sq m (3,270 sq ft)

Outside – Car Parking for 5-6 vehicles

Terms

Tenure - Freehold

Lease - The property is let on a new lease for a term of 5 years from 30th June 2001, expiring on 29th June 2026. There is a tenant’s option to determine the lease as at 30th June 2024. A copy of the lease is available upon request.

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.

Under the terms of the lease the tenant is responsible for internal repairs and insurance. The landlord insures and recovers the apportioned premium.

Rental Value - Using £2 on the first floor accommodation and £2.50 per ft² on the ground floor stores, the rent devalues to a Zone A figure of £15.50.

Rateable Value - The current Rateable Value is £28,000.

Covenant - The tenant is Bonmarché Properties Limited trading as Bonmarché. We understand that in January 2021 Bonmarché was bought out of Administration by Purepay who kept open 72 of the profit making shops including the subject property and closed around 170 loss making stores. They then entered into a new 5 year lease from 30th June 2021 on a rebased rent.

Price - Offers invited at £225,000 to show 8.67% net of costs.

VAT - The property is VAT exempt.

Legal Costs - Each side to be responsible for their own costs.

Government Grant/Inward Investment - There has been a recent Government announcement that £33.2 million will be reinvested in Bishop Auckland Town Centre to refresh the town. As part of the process a Town Centre Plan setting out the proposed developments and how it will be delivered within a five year period was drafted last year. The aim is to make the town become a world class Heritage visitor destination of UK national importance, a service centre for the whole of south-west Durham and a gateway to the Durham Dales.

Specification

  • Opposite Savers, Boots, Cooplands Bakers, close to the Bus Station and Newgate Centre
  • Grants available to assist in the conversion works to residential use subject to status. Potential additional income £9,600+ pa
  • Up to 70% funding available
  • Additional funding for ground floor and external works also available
  • Offers invited at £225,000 to show 8.67% net of costs

Property Quote Price(s)

DescriptionSale typeGuide pricePrice type
Offers invited at For Sale Freehold £225,000.00 NA

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Contact agents

Noel Roper

FHP Property Consultants

0115 882 1132



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