Withdrawn
Withdrawn Prior
Sold
Sold Prior
Sold Post
The property comprises a high yielding retail investment opportunity occupying a prominent corner pitch on a popular, high footfall, street.
Arranged across ground and first floors, the property provides 14,285 sq ft (1,327 sq m) of accommodation and is fully let to a private individual on a five year lease expiring 20.03.2030 and paying £40,000 per annum.
The lease includes a fixed uplift to £55,000 in 2028. The current contracted rent is £35,000 per annum, but the vendor will "top up" the rent to £40,000 per annum from completion until 21.03.2027, when the fixed uplifts within the lease align with this rent.
The property occupies a prominent corner pitch fronting Newgate Street, the principal retail street within Bishop Auckland and benefitting from high footfall. Neighbouring occupiers include Holland & Barret, Timpson, Vodafone, Santander, Admiral, Greggs, Halifax and many other independent shops restaurants and bars can be found nearby.
Tenure
Freehold
Rent
Notes
We understand the property is elected for VAT. It is anticipated the sale will be treated as a Transfer of a Going Concern (TOGC).