Restaurant/cafe for sale in Dean Street, Shildon DL4

Investment Consideration:
Gross Initial Yield: 10.00%
Rental Income: £9,000 p.a.
VAT is not applicable to this property
Comprises end-of-terrace takeaway shop with ancillary above. Kitchen equipment included in the sale.
New roof replaced in 2022. Property has been trading as Fish & Chips for more than 20+ years.
Situated between the town`s centre high street and Shildon Football grounds which can host c.2,000 spectators during games. Occupiers nearby include B&M, The Original Factory, Off-License and more.

Property Description:
Comprises ground floor equipped takeaway shop with ancillary storage at first floor. Rear prep area recently refurbished. Property provides the following accommodation and dimensions:
Ground Floor: Takeaway counter, main kitchen, prep kitchen
First Floor: Ancillary storage, office
Total area size: 70 sq m (753 sq ft)

Tenancy:
The property is at present let to an Individual for a term of 7 years from 1st February 2024 at a current rent of £9,000* per annum and the lease contains full repairing and insuring covenants. Rent review in 2027 and 2030 open market upward only. No breaks. Deposit held of £1,400.
*Tenant pays reduced rent of £8,040 p.a. For Year 1. Vendor will top up rent, so the buyer receives the equivalent of £9,000 p.a. From completion.

Location:
Shildon is a town and civil parish in County Durham, in England. The population taken at the 2011 Census was 9,976. The town has the Locomotion Museum, due to it having the first station, built in 1825. The property is situated between the town`s centre high street and Shildon Football grounds which can host c.2,000 spectators during games. Retail occupiers nearby include B&M, The Original Factory, Off-License and more.