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Location: Darlington is a large market town in County Durham of circa 100,000 people and has a wider catchment population of approximately 275,000 people.
The premises occupy a prominent position in the town centre close to the junction of Tubwell Row and Crown Street in an area providing a mixture of bars, local and multiple traders, the market hall and close to the Town Hall. The main bus stops are situated outside the property.
32 tubwell row Ground floor shop/office, rear room and toilet 27.4m² (295 sq ft) First floor office, mess room, kitchen, male and female toilets 95.7m² (1,030 sq ft) Second floor four separate offices and store 74.9m² (806 sq ft)
total floor area 198.0m² (2,131 sq ft)
33 tubwell row Ground floor lock up shop - sales area 71.7m² (772 sq ft) Rear ancillary and toilet 22.8m² (310 sq ft)
total floor area 94.5m² (1,082 sq ft)
All measurements are approximate
lease: 32 tubwell row
Let to Arriva Durham County Ltd for a term of 15 years from 4 May 2007 with reviews and breaks at 5 and 10 years at a current rent of £11,000 pax payable quarterly in advance.
33 tubwell row
Let to Tubwell Mini Market Ltd with personal guarantor. A new Lease has been proposed (not completed) to be for a term of10 year Lease from 1 January 2020 at a rent £10,200 pax payable monthly in advance.
Total income: £21,200 pax.
32 tubwell row Arriva Durham County Ltd is part of Arriva plc Group providing excellent covenant strength and due to the proximity of the main bus stops the premises are used as a welfare centre for bus staff as well as training and administration.
33 tubwell row Tubwell Mini Market trading as an Eastern European continental food store entered into an annual tenancy from 1 January 2017 having taken over the original business which started in 2014.
VAT: The property has not been elected to tax and therefore VAT will not be applicable but prospective purchasers should clarify this information at the time of sale.
Proposal: Guide £250,000 subject to contract and to the existing Lease/tenancies in place at point of sale.
This should provide a gross return of 8.48% approx. And net return of 8.2% approx. Allowing costs of 3.2% approx.
E.P.C: 32 tubwell row: Band F 33 tubwell row: Band C
For more information about this property, please contact Mawsons, LS3 on +44 113 427 9011 * (local rate)
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