sw.co.uk60-62 Newgate Street Bishop Auckland DL14 7EQ & 4,6,8 Westgate Road Bishop Auckland DL14 7AX

FOR SALEMIXED USE INVESTMENT

60-62 Newgate Street Bishop Auckland DL14 7EQ & 4,6,8 Westgate Road Bishop Auckland DL14 7AX

Location

Bishop Auckland is located approximately 12 miles south west of Durham City and approximately 14 miles north west of Darlington with excellent road communications from the A688 and the A68. The subject property is situated on Newgate Street which constitutes the prime shopping pitch within the town centre. The property sits adjacent to Santander and in close proximity to the former BealesDepartment store with other nearby occupiers including Hays Travel, Thomson Travel Agents, Greggs, Subway, Specsavers and Poundland.

Description

The subject property constitutes a brick built building under a pitched slate tiled roof within the Bishop Auckland conservation area. The building is a two storey building dating from the early 1900’s comprising a ground floor retail unit with ancillary storage and WC facilities to the rear elevation. The unit offers good retail frontage facing directly on to Newgate Street. The upper floors comprise of three residential flats all fitted out to a good specification and well maintained throughout.

Asking Price

The freehold interest is available at offers in excess of £250,000 (two hundred and fifty thousand pounds) exclusive. A purchase at this level will reflect a Net Initial Yield of 11.32% after allowance of purchaser’s costs of 2.60% subject to contract.

Lease

The ground floor commercial unit is let to Butterwick Hospice Retail Ltd for a term of 5 years effectivefrom 1st April 2019 on a full repairing and insuring basis at a headline rent of £12,000 per annumexclusive. Upwards only rent review pattern in the 3rd year of the term to market rent along with aTenant break option at expiry of the 3rd year of the term.

The three residential flats to the upper levels are let out as follows:

Flat 4, Westgate Road: 12 month tenancy wef 20/06/19 £90 per week (£4,680pa) – 1 BedFlat 6 , Westgate Road: Currently vacant £90 per week (£4,680pa) - 2 BedFlat 8, Westgate Road: 24 month tenancy wef 01/02/19 £420 per month (£5,040pa) – 2 Bed

Mixed Use Investment Opportunity

Offers in excess of £250,000 exclusive of VAT

Let to Butterwicks Hospice Retail Ltd

3 x Residential Flats

Subject to Contract

Accommodation

We understand that the accommodation provides the following approximate net internal floor areas:-

Business Rates

The property is currently listed within the 2017 Rating List as follows:-

60-62 Newgate Street, Bishop Auckland RV £15,000

Interested parties should verify the accuracy of this information and rates payable with the Local Rating

Authority, Durham County Council.

Council Tax

The council tax band for each of the residential flats are currently assessed at Band A. For council tax

purposes all properties have a council tax band. The band is based on the properties value as of 1st April

1991.

VAT

The property is exempt from VAT.

Legal Costs

Each party is to be responsible for their own legal costs incurred throughout any transaction.

EPC

The commercial element of the property benefits from an Energy Performance Asset Rating of Band F (131).

Flat 4, Westgate Road: Band D (63)Flat 6, Westgate Road: Band E (51)Flat 8, Westgate Road: Band D (67)

Services

The subject property is connected to water and electrical services however any interested party should make their own investigations with regard to this matter.

60-62 Newgate Street Bishop Auckland DL14 7EQ & 4,6,8 Westgate Road Bishop Auckland DL14 7AX

Description Sq m Sq ft

Retail Sales Area 131.97 1,420

Internal Storage 47.18 508

Total 179.15 1,928

ITZA 61.02 647

Money LaunderingIn accordance with Anti-Money LaunderingRegulations, two forms of identification andconfirmation of the source of funding will berequired from the successful purchaser.

Misrepresentation Act 1967: Messrs Sanderson Weatherall LLP for itself and for the vendor(s) or lessor(s) of this property whose agents they are, give notice that: 1) These

particulars do not constitute any part of an offer or contract; 2) None of the statements contained in these particulars as to the properties are to be relied on as statements of

representations of fact; 3) Any intending purchasers must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars;

4) The vendor(s) or lessor(s) do not ake or give and neither Messrs Sanderson Weatherall LLP nor any person in their employment has any authority to make or give any

representation or warranty whatsoever in relation to this property; 5) None of the building’s services or service installations (whether these be the specific responsibility of the

freeholder, lessor or lessee) have been tested and are not warranted to be in working order. Finance Act 1989: Unless otherwise stated all prices and rents are quoted exclusive of

VAT. Consumer Protection from Unfair Trading Regulations 2008 and Business Protection from Misleading Marketing Regulations 2008; Every reasonable effort has been made by

Sanderson Weatherall to ensure accuracy and to check the facts contained in these particulars are complete. Interested parties are strongly advised to take appropriate steps to

verify by independent inspection or enquiry all information for themselves and to take appropriate professional advice.

Sanderson Weatherall LLP Registered in England company number OC 344 770 Registered Office 6th floor, Central Square, 29 Wellington Street, Leeds, LS1 4DL

sw.co.uk

Strictly by prior appointment with the agents:

Mark Convery

0191 269 0103

mark.convery@sw.co.uk

Kevin McGorie

0191 269 0174

kevin.mcgorie@sw.co.uk

Sanderson WeatherallCentral Square South

Orchard StreetNewcastle upon Tyne

NE1 3AZ

September 2019