The property is located within Banks Buildings terrace located on the B12386 arterial road running through the village of New Herrington in Houghton-le-Spring. Herrington is an area in the south of Sunderland, lying within the historic borders of Country Durham.
There are few retail occupiers located within close vicinity of the subject, with the majority of commercial units occupied by small local retailers. These include Best One Convenience Store, Hazed Vaping Company and The Crescent Hair and Beauty. The property is adjacent to a small industrial park, offering several industrial units with roadside access onto the B1286 arterial road.
The property is easily accessible by road, situated on the main highway running perpendicular through the village. This road provides vehicular access to the neighbouring villages of Shiney Row and Penshaw, and also connects Herrington to the A19 trunk road to the east.
The property briefly comprises a single storey mid terraced unit of traditional brick construction, with retail frontage to the front elevation. The frontage benefits from a recessed entrance porch and single glazed timber framed panels, with steel roller shutter doors for security. The property features a pitched tile roof and appears to be in a relatively good condition.
Internally, the property benefits from a good quality fit out, with fitted counter space and shelving throughout. The property also benefits from W/C facilities and a stock store to the rear. The unit also features a public entrance to the rear, accessed via automatic sliding doors.
Externally, the property benefits from a rear car park, with 17 designated spaces.
We understand the property has an approximate floor area of 481m² (5,243ft²).
Description rv Estimated Rates Payable
Shop and Premises £7,236 £3,610.76
We are advised that the rateable value of the premises as at 1 April 2017 is £7,236 and we have estimated the actual rates payable for the current year above. This is based on the standard Small Business Rate of 49.9p in the pound. However, interested parties should confirm the current position with the Local Authority.
The freehold of the property is available with offers in excess of £265,000 (Two Hundred and Sixty Five Thousand Pounds). An offer at this level reflects a net initial yield of 8.08% assuming purchasers costs of 2.84%.
All rents, premiums and purchase prices quoted herein are exclusive of VAT. All offers are to be made to Bradley Hall upon this basis, and where silent, offers will be deemed net of VAT.
Each party is to bear their own legal costs involved in the transaction.
In accordance with the Anti-Money Laundering Regulations the Purchaser/Tenant will be required to provide two forms of identification and proof of the source of income.
The property is currently let to a private franchisee on full repairing and insuring terms, totalling a passing rent of £22,008 per annum. The lease is due to expire 24th March 2024, with approximately 2.18 years unexpired.
In our opinion the property is currently under rented, and we would anticipate rental figures in the region of £30,000 to be achieved if placed on the open market.