Retail premises to let in Frederick Street North, Meadowfield DH7

Location

The subject property is located on a prominent high street in Meadowfield, Durham comprising a mixtures of built of residential and commercial uses. The property is located on the A690, which is the main road that passes through Meadowfield, it provides great access into Durham City Centre and subsequently the A1(M).

Description

The subject property comprises of a two-storey mixed use building with slate pitched roof. The ground floor is currently vacant and ready for occupation. It was formerly a Tanning Salon which briefly comprises sales area, kitchen and w/c to rear, with recessed glazed frontage, secured by an automatic roller shutter. Further benefits include, laminate flooring, 3 phase electric and gas supply. The first floor comprises a 2 bedroom flat which is currently occupied and produces an annual rent of £5,640.

Accommodation

Retail
Front Sales 30.55 m² (329 ft²)
Rear Sales 23.31 m² (251 ft²)
Kitchen 8.40 m² ( 90 ft²)
W/C 2.80 m² (251 ft²)
Total 65.06 m² (700 ft²)

Residential
2 bedroom flat 72.00 m² (775 ft²)

Total 137.06m2 (1,475 ft2)

EPC rating

D87

Rating assessment

The rateable value of the premises as at 1 April 2023 is £5,700 and the estimated rates payable for the current year is £2,844.30. This is based on the standard uniform business rates multiplier of 49.9p in the pound. The property is eligible for full business rates relief, subject to certain criteria. Interested parties should confirm the current position with the Local Authority.

Terms/asking price

The retail premises is available to let for £7,500 (Seven Thousand Five Hundred pounds) per annum on a new Internal Repairing and Insuring lease for a term of years to be agreed.

The Freehold is available for sale at an asking price of £135,000.

VAT

The property is not elected for 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 we are required to verify the identify of the Purchaser/Tenant. We will do so based on name and address data provided but we may also require you to provide two forms of identification. We will require the Purchaser/Tenant to provide proof of the source of income.