Retail premises for sale

Front Street, Chester Le Street, Durham DH3

Investment opportunity
Excellent location in town centre
Improved internally and externally
Strong EPC Rating of b-33
Price £220,000

Location

Chester-le-Street is a busy market town located approximately 10 miles south of Newcastle upon Tyne and 6 miles north of Durham City. The town benefits from a main line railway station and easy access to the A1(M) Motorway.
The premises are situated in a predominant position on Front Street, which is the principal shopping street within the town centre. Nearby retailers include Superdrug, Greggs and Boots the Chemist.
The property is also situated close to the entrance to St Cuthbert's Walk Shopping Centre, which is anchored by a Morrisons food store. Other larger occupiers in the town include Tesco and Aldi.

Description

The property comprises a two-storey mid-terraced building of brick construction under a flat roof.
The ground floor benefits from a modern aluminium framed shop front with recessed door. It is occupied as an opticians and currently comprises an open plan reception/retail area, together with two treatment rooms to the rear. The ground floor is well presented, with carpeted floors, plastered walls and ceilings, with integral lighting and air conditioning. Stairs to the rear of the property lead to the first floor, which has also been refurbished to a high standard and benefits from carpeted floors, suspended ceiling with integral lighting and plastered walls. The windows have recently been replaced with UPVC double glazed units. The first floor has been divided to provide an office, treatment room, kitchen and w.c.'s.
The property has undergone significant repair and improvement over recent years. There is also a small enclosed area to the rear which could be used for (truncated)

Accommodation

We have measured the property as providing the following net internal floor areas:
Ground floor
Sales area 42.59 sq m (458 sq ft)
Treatment room 10.66 sq m (115 sq ft)
Treatment room 6.21 sq m (69 sq ft)
Total 59.46 sq m (642 sq ft)

First floor
Office 12.74 sq m (137 sq ft)
Treatment room 10.27 sq m (111 sq ft)
Kitchen 4.12 sq m (44 sq ft)
w.c’s
Total 27.13 sq m (292 sq ft)

Grand Total 86.59 sq m (934 sq ft)

Tenure

The property is held on a freehold basis.

Tenancies

The whole of the property is let to Riverside Opticians Limited (with personal guarantor) for a term of 5 years from 29 September 2025 to 28 September 2030 at a rent of £16,500 per annum on a full repairing and insuring basis. The property has been occupied as an opticians for many years.

Business Rates

The property is entered into the rating list as follows:

Description:

Shop & premises
Rateable value £12,250

Price

Our client's interest in the property, subject to the existing tenancy is available for sale at £220,000. A sale at the asking price would equate to a gross initial yield of 7.5%. We understand the property is not registered for VAT and therefore VAT will not be payable on the purchase price.

Viewing

Strictly by appointment by sole agents YoungsRPS.
Contact Paul Fairlamb or Chris Pattison Tel:

Legal Costs

Each party is to bear their own legal costs.

Local Authority

Durham County Council, County Hall, Durham.