Retail premises for sale in 3 High Street, Sedgefield TS21

£395,000 (£175.87/sq. ft)
Retail premises for sale 2,246 sq. ft*
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Property description

Description


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.


Location


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

Accommodation

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.

Tenancies


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.

Terms

For Sale Freehold based on an asking price of £395,000 (subject to the existing tenancies).

Services


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.

Rating Assessment


Visit for more information.

* Sizes listed are approximate. Please contact the agent to confirm actual size.

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For more information about this property, please contact
Greig Cavey, TS26 on +44 1429 718911 * (local rate)

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Disclaimer

Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Greig Cavey, and do not constitute property particulars. Please contact Greig Cavey for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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