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    Key features

    • To be offered on Wednesday 28 February
    • High Yielding Retail Investment Opportunity
    • Ground Floor and Upper Parts
    • Producing £14,400 per annum
    • Lease Expires September 2028
    • Prime Pedestrianised Street
    • 2,335 sq ft (217 sq m)
    • Development/Conversion Potential (subject to consents)
    • Guide Price Reflects 14.4% Gross Yield

    Description

    The property comprises a high yielding retail investment opportunity situated on a prime pedestrianised street.

    Arranged across ground, first and second floors, the property comprises a rarely offered unbroken freehold asset that is currently fully let to Phone Tech Revive Limited. The lease is for a term of five years expiring 1st September 2028 and paying a rent of £14,400 per annum. The lease is on full repairing and insuring terms and includes two personal guarantees from the tenant.

    There may be longer term development potential including the conversion of the upper parts to residential use, this is subject to the existing lease and any requisite consents.

    Additional information

    Tenure

    Freehold

    Tenancy

    The property is let in its entirety to Phone Tech Revive Limited. The lease is for a term of five years expiring 1st September 2028 and paying a rent of £14,400 per annum. The lease is on full repairing and insuring terms and includes two personal guarantees from the tenant.

    Planning

    Due to government investment in the local area, grants may be available for any future planning consents for conversion to alternative uses. In some cases this funding can be up to 70% of gross cost. Further information can be obtained from info@bishopaucklandtownteam.org

    Rent

    £14,400 per annum

    Notes

    We understand the property is elected for VAT. It is anticipated the sale can be treated as a Transfer of a Going Concern (TOGC).

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      All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

      Savills are not holding any viewings for this property. For further information please download the legal pack or email the relevant Savills Contact directly.

      Viewings are in the process of being finalised and will be online shortly, please click here for a notification when they go online.

      No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

      No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

      There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

      Local information

      • Bishop Auckland Station - 0.4 miles
      • Darlington - 11.7 miles

      Legal documents

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      EPC rating

      If no EPC rating appears please refer to the legal pack.

      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

      Addendums