Horsemarket, Barnard Castle, County Durham, DL12

Investment Consideration
Gross Initial Yield: 7.68%
Rental Income: £38,400 p.a.
VAT is NOT applicable to this property
Three-storey building comprising Ground Floor Shop with 2 x 2-Bed and 2 x 1-Bed Flats above
Newly replaced roof and refurbished communal areas (£40,000)
Town centre location with occupiers nearby including Morrisons, Costa Coffee, Specsavers, Co-Op Food, Boots, Hays Travel and more.

Property Description:
Comprises three-storey building arranged as a ground floor retail shop and 4 newly refurbished flats over first and second floor, accessed from the rear and providing the following accommodation and dimensions:
Ground Floor: 194 sq m (2,091 sq ft)
Sales Area - 67 sq m (722 sq ft)
Ancillary/Sales - 50 sq m (536 sq ft)
Rear Stores - 65 sq m (704 sq ft)
Kitchen - 12 sq m (129 sq ft)
First Floor: 112 sq m (1,210 sq ft)
Flat 2 - 39 sq m (424 sq ft)
1 Bedroom, Kitchen, Living Room, Bathroom
Flat 4 - 73 sq m (786 sq ft)
2 Bedrooms, Kitchen, Living Room, Bathroom
Second Floor: 112 sq m (1,210 sq ft)
Flat 1 - 39 sq m (424 sq ft)
1 Bedroom, Kitchen, Living Room, Bathroom
Flat 3 - 73 sq m (786 sq ft)
2 Bedrooms, Kitchen, Living Room, Bathroom
Total Retail & Residential Area: 418 sq m (4,511 sq ft)

Tenancy:
The retail shop is at present let to Marie Curie Cancer Care for a term of 10 years from 10th February 2014 at a current rent of £18,000 per annum and the lease contains full repairing and insuring covenants. Rent review from 2019 outstanding (upward only). Break clause in 2019 NOT exercised.
Flat 1 is at present let on AST to an Individual for a term of 6 Months from 16th April 2021 (Holding Over) at a current rent of £4,740 p.a. Deposit held of £395.
Flat 2 is at present let on AST to an Individual for a term of 6 Months from 25th June 2022 at a current rent of £4,740 p.a. Deposit held of £455.
Flat 3 is at present let on AST to an Individual for a term of 12 Months from 16th October 2021 (Holding Over) at a current rent of £5,400 p.a. Deposit held of £450.
Flat 4 is at present let on AST to an Individual for a term of 6 Months from 10th October 2022 at a current rent of £5,520 p.a. Deposit held of £460.