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Retail premises for sale
1,607 sq. ft*
Not available Council tax band:
Prime location on the pedestrianised Middle Street
New 5 year lease
Tenant operates a busy cafe
Current Rent - £14,000 pax
Quoting Price - £145,000
Net Initial Yield - 9.5%
Ideal sipp purchase
Consett is a busy town in North West County Durham, sitting on the edge of The Pennines. It's origins arise from both lead mining in the area and the development of the steel industry in the Derwent Valley.
Consett lies 14.7 miles (23.7km) south west of Newcastle upon Tyne, 13.2 miles (21.1km) north west of Durham and 32 miles (51.1k) north of Darlington. It has a resident population of 24,820 persons (2011 Census) and a district catchment of over 85,000.
The A1(M) is 13 miles (20.9km) from Consett and the town is served by the A692 which lies less than 0.5 miles (0.8km) from the town centre
Retailing in consett / situation
The principal retailing in Consett is focused on Middle Street with many national retailers represented including Specsavers, Superdrug, Greggs, Halifax, Ladbrokes, British Heart Foundation, Iceland and Lidl.
The property occupies a prime location on the pedestrianised section of Middle Street, adjacent to Specsavers, opposite Greggs and the entrance to the Derwent Shopping Centre.
There is a free public car park for approximately 100 cars on Nile Street, behind the subject property.
A two storey property of stone construction with a pitched dormer roof and Edwardian style railing detail. There is a stone ledge running along the front of the building and sliding sash single glazed windows. The ground floor provides retail sales with first floor stock and staff facilities. The ground floor has been fitted out as a café by the current tenant. There is an enclosed service yard to the rear.
The property has the following approximate Net Internal Floor Areas:-
The property is let to Patterson Vintage Tearooms Ltd on a 5 year Fri lease from 26th July 2021 at a current rental of £14,000 per annum exclusive.
We understand the property has a Rateable Value of £13,250 .
The current rent devalues to £19.53 Zone A, applying £2 per sq.ft. On the first floor which is in line with recent transactions in the town as detailed in the brochure.
The property has been independently assessed and certified as having a rating of C64 with the first floor offices having a rating of D(88).
We are seeking offers in the region of £145,000 subject to contract and exclusive of VAT which equates to a net initial yield of 9.5%, allowing for the normal costs of acquisition and a capital value of only £82 per sq.ft.
The property is registered for VAT and a sale will therefore be treated as a togc
Anti money laundering
In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.
For more information about this property, please contact Brackenridge Hanson Tate Limited, LS1 on +44 113 427 5856 * (local rate)
Contact Brackenridge Hanson Tate Limited about this property
Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Brackenridge Hanson Tate Limited, and do not constitute property particulars. Please contact Brackenridge Hanson Tate Limited 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.