Retail premises for sale in Investment, 1, Albert Hill, Bishop Auckland DL14

Bishop Auckland is a busy market town in a popular commercial location with a large catchment area lying approximately 12 miles south of Durham City and 13 miles north of Darlington. The property is edge of town centre but in the most popular non pedestrianised location of town. The established local independent retailers here benefit lower rents and rates than closer into town. The flats enjoy commanding views over the town and hills beyond.

Investment summary

• Mixed Residential and Retail Investment
• Recently refurbished to high specification
• Ground floor shop let for beauty and producing £8,400 pax
(considered reversionary)
• 2 flats fully let producing £9,600 pax
• Total income of £18,000 pax
• Guide price of £240,000 (Two Hundred & Forty Thousand
Pounds) exclusive, Subject to Contract
• Attractive gross return yield of 7.5% to an investor

The property comprises an attractive and imposing 4-storey stone constructed end of terrace building with multi pitch slate roofs, new PVC double glazed windows on uppers and impressive timer sash bay windows on two elevations. The ground floor and basement is traded as hair and beaty salon. The uppers are in residential use with independent access from the rear. The property is near to Asda and Morrisons offering great amenity for residents and near free short-term parking for users.

The flats have been refurbished within the last five years to a very high standard, including re-roofing, redecoration and are fully compliant The property provides the opportunity to convert the lower level commercial space into residential to create further flats or potentially communal occupation.

The shop and flats have been let by the current owner on an informal basis. There is the opportunity for a future buyer to formalise these agreements. We consider the ground and basement rent to be quite low and would expect the market rent of between £10-£12,000 might be achievable offering reversionary potential.

Price

Guide price of £225,000 (Two Hundred & Twenty Five Thousand Pounds) exclusive, Subject to Contract.

Rates

The Valuation Office Agency website lists the ground floor shop with Rateable Value with effect from April 2023 as £ £5,400 rv. The occupier will be able to benefit from 100% Business Rates Relief based on the current rv improving prospects for reletting in the future and rental growth.

Accommodation:
Upper Ground: 703.00 sqft
Basement: 380.00 sqft
Above (approx): 1,000.00 sqft
Total: 2,083.00 sqft