Retail premises for sale in Middle Street, Hartlepool TS27

Opportunity

Bradley Hall is delighted to be appointed to market this neighbourhood mixed use retail/residential parade, located within Blackhall. This opportunity is for a fully let, high yielding investment with asset management opportunities to increase value.

Location

The block is located within Blackhall, just a short distance from Hartlepool, a district within County Durham. The property benefits from being situated on the busy A1086, linking Hartlepool and Peterlee.

Description

The building is a terraced block of brick construction beneath a pitched slate roof.

To the ground floor comprises 4no. Ground floor lock up retails units, providing a healthy tenant mix including a travel agent, hairdresser, charity shop and retail/office use for a charity operation. Each units benefits from front sales area, with storage/kitchen and w/c to the rear and the benefit of 3 phase power.

The first floor comprises 5no. 1 bedroom flats and 1no. 2 bedroom flat, each comprising kitchen, living room, storage and w.c. The properties are in good condition. Each flat benefits from gas central heating.

Accommodation

The building comprises 819 m2 (8,812 ft2). A full tenancy schedule of broken down floor area is available.

Investment details

The passing rent is £62,262 per annum. The block is fully let and tenants include: Bradley Lowery Foundation, Alice House Hospice, Grace Hair Salon and Coconut Travel. The upper floors are all let on ASTs, some of which have become periodic. Based on the asking price, the gross yield equates to 10.92%. A full tenancy schedule can be provided

Tenure

The site is sold freehold. The flats are let on a long leasehold basis but can be sold simultaneously to the purchaser. There may be tax efficiencies from Multiple Dwelling Relief on this basis although legal and tax advice should be sought in this regard.

Terms

We are instructed to invite offers in the region of £570,000 for our client’s interest. Our client does not have to accept the highest nor any offer submitted to the agent.

VAT

All rents, premiums and purchase prices quoted herein are exclusive of VAT. All offers are to be made to Bradley Hall on this basis, and where silent, offers will be deemed net of VAT.

Legal costs

Each party is to bear their own legal costs involved in the transaction.

Anti-money laundering regulations

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.

Viewing & further information

For all enquiries and viewing arrangements please contact Bradley Hall.

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