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Residential Development for sale

Byerley Road, Shildon, County Durham, DL4

Guide Price* 1,800 sq. ft. | £89,000

Property Description

Commercial information

  • 1,800 sq ft (167 sq m)

Key features

  • Residential Development Opportunity
  • Public House
  • For Sale by Online Property Auction
  • Approximately 1,800 sq.ft.

Full description

Tenure: Freehold

Location
The subject property is located on Byerley Road, Shildon.

Shildon and the surrounding areas are made up primarily of residential properties. This is an established location, with good access links provided by the A1 to the East. Durham city centre is approximately 13 miles to the north

Shildon offers a wide range of amenities including various supermarkets, schools and parks. There are also several industrial estates within the area providing a good level of employment.

Description
Two storey public house of traditional brick construction with residential accommodation above. To the ground floor there is a fully fitted and equipped bar area, CCTV and alarm system throughout, pool table, kitchen to the rear, male and female W.C facilities.

Externally, the property benefits from off street parking, enclosed smoking area and electric roller shutter providing vehicular access.

The first floor has separate access and comprises of two individual one bedroom flats and a two bedroom flat. The third flat requires refurbishment and will provide two individual bedrooms, living room and bathroom facilities.
Accommodation
The property measures approximately 166m2 (1794ft2).

Services
We understand the property has connections to gas, electricity, water and drainage.

Tenure
The property is freehold

Business Rates
The premises have a current rateable value of 6,500.

Investment Analysis
The property was previously let out on a 5 year term. The passing rent was 12,700 per annum exclusive for the public house and a one bedroom flat. The tenant occupies a one bedroom flat which is included in the lease. The freeholder has agreed by separate negotiation with the tenant that sub-letting of the other one bedroom flat is permitted. After some refurbishment the remaining two bedroom flat could be let on an AST basis providing an additional income of 4,200 pa to the freeholder, reflecting a gross yield of 18.9%.

*Guide Price
89,000

VAT
TBC




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*Guide Price: An indication of a seller's minimum expectation at auction and given as a “Guide Price” or a range of “Guide Prices”. This is not necessarily the figure a property will sell for and is subject to change prior to the auction.

Reserve Price: Each auction property will be subject to a “Reserve Price” below which the property cannot be sold at auction. Normally the “Reserve Price” will be set within the range of “Guide Prices” or no more than 10% above a single “Guide Price.”

Auction Fees: The purchase of this property may include associated fees not listed here, as it is to be sold via auction. To find out more about the fees associated with this property please call John Pye Property, Nottingham on 0115 970 6060.


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