6 Church St, Consett, DH8 5QA
5,934 ft²
Offers Over £495,000
Key Features
Features
Mixed-use investment for sale
Three commercial units and 5 flats
Total size of 551.23 m² (5,934 ft²)
Prominent front street location
Attractive net initial yield of 11.12%
Rental growth opportunity for flats
Transport
Car parking located opposite
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 Church St, 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 5 flats to the first floor. The ground floor units are currently occupied by Cash Converters, a barber shop and a deli. There is off street parking opposite the property.
ACCOMMODATION
We calculate the approximate net/gross internal floor areas to be as follows:
Commercial Units
Unit 1 44.37 m² 478 ft²
Unit 2 189.10 m² 2,036 ft²
Unit 3 46.58 m² 501 ft²
Residential Units
Flat 1 60.00 m² 646 ft²
Flat 2 49.00 m² 527 ft²
Flat 3 58.00 m² 624 ft²
Flat 4 40.00 m² 431 ft²
Flat 5 63.00 m² 678 ft²
Total 551.23 m² 5,934 ft²
EPC RATING
|
Flat 1 |
D |
|
Flat 2 |
D |
|
Flat 3 |
D |
|
Flat 4 |
D |
|
Flat 5 |
E |
|
Unit 1 |
To be assessed |
|
Unit 2 |
To be assessed |
|
Unit 3 |
To be assessed |
RATING ASSESSMENT
Description RV Estimated Rates Payable
Hairdressing Salon & Premises £6,100 £3,043.90
Shop & Premises £15,000 £7,485.00
Shop & Premises £6,600 £3,293.40
TERMS
The freehold of the property is available with offers in excess of £495,000 (Four Hundred and Ninety-Five Thousand Pounds).
TENANCY SCHEDULE
Commercial Units Rent (Per Annum) Start Date Term
Unit 1 £10,000 10th April 2023 10 years
Unit 2 £15,520 - Holding Over
Unit 3 £10,000 23rd April 2022 10 years
Residential Units Rent (Per Annum) Rent (Per Month) Start Date
Flat 1 £4,500 £375.00 Vacant
Flat 2 £4,320 £360.00
Flat 3 £3,420 £285.00
Flat 4 £3,420 £285.00
Flat 5 £3,996 £333.00
Total £55,176
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.
Tel: 0191 383 9999
Email: durham@bradleyhall.co.uk
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