Retail premises for sale in Newbottle Street, Houghton Le Spring DH4

Location
Houghton le Spring is located approximately 9 miles northeast of Durham and 7 miles southwest of Sunderland. Newbottle Street is the principal shopping area within the town. The property sits between Domino Pizza and Costa and other nearby occupiers include B&M, Subway and Savers. The rear of the property has frontage to Lidl car park.

Description
The property is of two storey construction, the main building being of 2 storey brick and tiled construction with a pitched roof. The rear section is also of brick construction with a flat roof. The building is split level comprises 2 main elements being a ground floor hot food takeaway accessed from Newbottle Street with a flooring showroom above separately accessed from ground level at the rear of Newbottle Street but sitting at first floor level.

Accommodation
The property briefly comprises as follows:-
ft2 m2
75 Newbottle St ft m
Sales Area 1298 120.58

Ancillary 321 29.82

75a Newbottle Street (Rear)
Showroom 1575 146.32

Externally
Forecourt parking to rear for approximately 5/6 cars. Advised not within client’s ownership/title but has been in use for a number of years.

Tenure
We are advised the property is Freehold and is to be sold subject to the following leases.

75 Newbottle Street
Let to Ahmed Mohammed Kader t/a Grillers Takeaway for a term of 10 years from 10th May 2023 with 3 yearly rent reviews. The lease contains a tenant option to break on 10th April 2027. The current annual rent £10,800 (£900 per month) in advance on 10th of each month.

Rear 75 Newbottle Street
Let to Houghton Flooring for a term of 5 years from 24th May 2023. The lease contains a tenant option to break on 24th October 2024 and a rent review on 24th May 2026 The current annual rent £9,600 (£900 per month) in advance on 24th of each month.

The total Gross Annual Income is £20,400.
The leases are drawn on tenant internal repairing basis and we understand the landlord does not recover the buildings insurance premium.

Asking Price
Offers in the region of £235,000 (two hundred and thirty-five thousand pounds)

Costs
Each party will be responsible for their own Legal Fees incurred in the transaction.

Viewing
Contact – Mario Jaconelli or Alexa Reavley

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• VAT
We are advised the property is not elected for VAT

Rateable Value (rv)
The Valuation Office has confirmed the current Rateable Values are:-

No 75: £9,700
Rear No75: £7,100

The Uniform Business Rate for the Rates Year 2023/2024 is 49.9p. If necessary, a written request should be made to the Local Authority for confirmation.

Money Laundering Regulations
In accordance with Anti –Money Laundering Regulations, the Purchaser/Tenant will be required to provide 2 forms of identification together with confirmation of the source of funding.

Disclaimer
None of the equipment or systems within the premises have been tested by the Agent and it is the responsibility of the Purchaser/Lessee to ensure that they are in working order.

Ref EPC
C4171 No. 75 – Awaited
Rear No.75 Energy Rating 77/D