Retail premises for sale in Newgate Street, Bishop Auckland DL14

Investment Consideration:
Gross Initial Yield: 10.90%
Rental Income: £27,240 p.a.
VAT is not applicable to this property
Comprises ground floor shop and 3 residential flats at first and second floor (2 x 2-Bed and 1 x 1-Bed), accessed from the rear of the property
Flats newly refurbished in 2022 to a high standard
Nearby occupiers include Santander (adjacent), Admiral Casino, Boots Pharmacy and more.

Property Description:
Comprises ground floor shop and 3 residential flats at first and second floor (2 x 2-Bed and 1 x 1-Bed), accessed from the rear of the property, providing the following accommodation and dimensions:
Ground Floor: 179 sq m (1,927 sq ft)
Open plan retail, Storage, Office, WC
First Floor:
Flat 4: 58 sq m (624 sq ft)
2 Bedrooms, Kitchen, Living Room, Bathroom
Flat 6: 52 sq m (560 sq ft)
1 Bedroom, Kitchen, Living Room, Bathroom
Second Floor:
Flat 8: 63 sq m (678 sq ft)
2 Bedrooms, Kitchen, Living Room, Bathroom

Tenancy:
Ground Floor Shop is at present let to Butterwick Hospice Retail Ltd for a term of 5 Years from 1st April 2019 at a current rent of £12,000 p.a. And the lease contains full repairing and insuring covenants. Rent review from 1st April 2022 outstanding.
Flat 4 is at present let on AST to an Individual for a term of 12 Months from 24th January 2023 at a current rent of £5,760 p.a. Deposit held of £480.
Flat 6 is at present let on AST to an Individual for a term of 12 Months from 24th January 2023 at a current rent of £4,800 p.a. Deposit held of £400.
Flat 8 is at present let on AST to an Individual for a term of 12 Months from 21st June 2021 (holding over) at a current rent of £4,680 p.a. Deposit held of £360.

Location:
Bishop Auckland is a market town which lies some 12 miles south-west of Durham and 14 miles north-west of Darlington. The property is located opposite the junction with Victoria Avenue within the town centre, adjacent to Santander and amongst other such multiple retailers as Savers, Admiral, Peacocks, Vodafone and Halifax.