Retail premises to let in Market Place, Durham DH1

Location

Durham, the jewel of the North, is the economic and cultural centre of County Durham, sitting approximately 18 miles south of Newcastle and 14 miles south-west of Sunderland.

Durham benefits from excellent road communications being located in close proximity to the A690 and the A1M, connecting the city to the national motorway network.

The city is on the main East Coast rail line from London to Edinburgh.

Durham has a resident population of over 50,000 people which is boosted substantially by tourists and circa 22,000 students. There is a catchment area of approximately 107,000 within 5 miles extending to 511,000 within 10 miles and 2.56 million within a 60 minute drive time

The city’s Cathedral and Castle are designated by unesco as a World Heritage Site and help to attract an estimated 5.5 million tourists per year.

Both the Riverwalk and Prince Bishops Shopping Centres, together with the leisure quarter of Walkergate all lie within close proximity of the subject property. These schemes provide valuable parking to the City with Market Place and Silver Street being the pedestrian thoroughfare between the two shopping centres and access to the world Heritage site.

Neighbouring retailers include the four main High Street Banks in Lloyds, Barclays, NatWest and HSBC as well as WHSmith, Next, Boots, Tesco and Durham Indoor Market.

Description

The retail unit comprises the Ground Floor of this four-storey imposing City Centre block in the heart of the City Centre’s Conservation area overlooking the large paved area of Market Place, onto which street trading could be possible (*subject to the necessary street traders’ licence from the local authority)

Accommodation

The Ground Floor unit extends to approximately 172.70 sq m (1,859 sq ft) and is to be fitted with new WC facilities.

Terms

A new lease is available for a term to be agreed at an annual rent of £90,000, subject to 5 yearly upward only rent reviews.

The letting is to be on an efri basis with the tenant responsible for the interior together with all repairs to the shop front, doors and windows to the demise and the landlord responsible for all other external repairs, with a right to recharge a proportion to the tenant by way of service charge.

Rent

A Rent of £90,000 per annum is being sought for this prime unit payable quarterly in advance.

Business rates

Estimated Rateable Value - £49,120
Estimated Rates Payable - £24,510.88

The Rateable Value (rv) will be reviewed by the Local Authority, following redevelopment. The rv quoted above is only an estimate and the amount payable has been calculated by applying the appropriate Business Rate Multiplier to that estimated rv. It is important that seriously interested parties confirm the accuracy of this information and the actual rates payable with the Local Authority.

Energy performance

EPC rating C 52

VAT

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

Legal costs

Each party to be responsible for their own costs incurred in this transaction.

Anti-money laundering regulations

In accordance with anti-money laundering regulations, two forms of identification and confirmation of the source of funding will be required from the purchaser / tenant.

Viewing & further information

For general enquiries and viewing arrangements please contact Sole Agents Graham S Hall Chartered Surveyors.