Key features
- Mixed use investment for sale
- Total size of 768.58sq m
- Prominent position on Front St
- Bus stops located outside of the property
- 12.8 miles from Durham Railway Station
- 0.8 miles from A692
- 11.1 miles from A1(M)
Description
LOCATION
The subject property is located on Front 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 is a split over two buildings 17-21 Front St, which is an old church that has been converted into 3 storeys of retails/storage space and 22 Nelson St, with a small courtyard in the centre of the properties. The ground floor is occupied by Chaplain’s bar and Consett Cars, which have different access points to the front and the rear. The first floor has been split into two units, both having access to separate storage space on the second floor. One of the units is currently let to solicitors as storage space, while the other is vacant and has recently been renovated.
ACCOMMODATION
Chaplains Bar 265.30m2 2,856 ft2
Taxi office 34.70m2 374 ft2
Solicitors 239.96m2 2,583 ft2
Vacant 228.62m2 2,461 ft2
Total 768.58m2 8,274 ft2
TENANT
The property is currently let to three tenants on full repairing and insuring basis at a passing rent of £34,562 per annum. The tenant of Chaplains bar signed a 1 year lease in April 2023 and the two other leases are currently holding over. There is an opportunity for rental growth for the part vacant office. A tenancy schedule can be provided on request.
RATING ASSESSMENT
Description RV Estimated Rates Payable
Public House & Premises £14,250 £7,110.75
Office & Premises £4,400 £2,195.60
EPC RATING
C68
TERMS
The freehold of the property is available with offers in excess of £195,000.
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.
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