1, 2 & 3 Britannia Shops, Victoria Rd, Consett DH8 5AY
3,556 ft²
Freehold £475,000
Key Features
Features
Mixed-use investment for sale
Three commercial units and a three bed flat
Total size of 330.38 m² (3,556 ft²)
Prominent front street location
Attractive net initial yield of 8.93%
Potential rental growth opportunity
Strong covenant
Transport
Car parking located opposite
Situated on Church Street
0.3 miles from bus station
1.7 miles from A691
11.1 miles from A1 (M)
Property Description
LOCATION
The subject property is located on Victoria Road, Consett, which is situated in the town centre. The A691 and A692 and situated in close proximity to the property, the former connecting Consett with Durham and the latter providing a direct connection to Newcastle and the A1(M) in the north.
DESCRIPTION
The subject property comprises of a brick-built, mixed-use property with three commercial units to the ground floor and a 3-bed flat to the first floor. The ground floor units are currently occupied by Sambuca’s, and a hairdresser. There is off street parking opposite the property.
ACCOMMODATION
We calculate the approximate net/gross internal floor areas to be as follows:
Hair by Peter 67.98 m² 732 ft²
Sambuca 170.33 m² 1,833 ft²
Flat 92.07 m² 991 ft²
Total 330.38 m² 3,556 ft²
EPC RATING
Flat E39
Sambuca’s B48
Hair by Peter C65
TENANCY SCHEDULE
Commercial Units Rent (Per Annum) Term
Sambuca £23,040 6 years remaining
Hair by Peter £13,000 Vacating August 2024
Residential Units Rent (Per Annum) Rent (Per Month)
Flat 1 £6,360 £530.00
Total £42,400
RATING ASSESSMENT
Description RV Estimated Rates Payable
Hairdressing Salon & Premises £6,800 £3,393.20
Restaurant & Premises £7,200 £3,592.80
Shop & Premises £4,450 £2,220.55
This is based on the standard Small Business Rate of 49.9p in the pound, however, interested parties should confirm the current position with the Local Authority.
TERMS
The freehold of the property is available with offers in excess of £475,000 (Four Hundred and Seventy-Five Thousand Pounds).
VAT
All rents, premiums and purchase prices quoted herein are exclusive of VAT. All offers are to be made to Bradley Hall upon this basis, and where silent, offers will be deemed net of 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.
CONTACT US
Tel: 0191 383 9999
Email: durham@bradleyhall.co.uk
Arrange a viewing
Sign up to my BH to register for property notifications
Arrange a viewing
Our Services
We offer a full service approach to residential and commercial property.
