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Fully let multi occupied investment property comprising of two ground floor retail units, first floor yoga studio and a second floor flat. The property has been in the ownership of our client’s family for, we understand, in excess of 40 years. Asset management opportunities include development of the garden to the rear and a more aggressive approach to rent reviews and lease renewals.
The property is located in the centre of the Village of Sedgefield close to the Co-op Supermarket and No 4 Tea Shop which are significant footfall generators. Surrounding occupiers include independent retailers, a pharmacy, various hot food takeaways, hair salons, a Doctors surgery, a Library, various Public Houses and local schools.
Sedgefield’s night time and leisure economy has improved in recent years with the opening of the Impeccable Pig, The Herd & Herb Restaurant, The Pickled Parson, Julia & Sofia’s and the refurbishment of The Corner House. There are a number of new build housing schemes increasing housing numbers in the village with developments by Story Homes, Taylor Wimpey, Livin and Tolent
Unit Sq.m Sq.ft
Needful Things 21.04 226
Robinsons Estate Agents 69.67 750
Casa Yoga 118.01 1270
Flat n/a n/a
There are common WC’s which are shared by the commercial occupiers and a common entrance & staircase. The second Floor flat has not been inspected but we are advised that it provides two bedrooms.
Needful Things is let on a five year lease from 14th January 2019 at a rent of £6,000 per annum. There is a tenant break option on the third anniversary of the commencement with six months prior notice. Lease is outside of Landlord and Tenant Act.
Robinsons Estate Agents is let on a fifteen year lease from the 9th July 2007 with the passing rent being £9,000 per annum. The lease is held by Robinsons Durham Ltd.
Casa Yoga / First floor is let on a 10 year lease from the 8th January 2019 at a rent of £6,000 per annum. The lease provides for a rent review on the fifth anniversary of the commencement and a penultimate day rent review.
The second floor flat is let on an assured shorthold tenancy which is now a periodic tenancy which commenced in October 2020 at a rent of £400 per month.
For Sale Freehold based on an asking price of £395,000 (subject to the existing tenancies).
As far as we are aware, each part of the property has an independent supply of electricity. Interested parties should make their own investigation in relating to services to the property.
Energy Performance Certificate
Both ground floor units have a Rating of C. The first floor yoga studio and second floor flat having a Rating of D. Full certificates available on request.
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* Sizes listed are approximate. Please contact the agent to confirm actual size.
For more information about this property, please contact Greig Cavey, TS26 on +44 1429 718911 * (local rate)
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