33 Front Street, Leadgate, Consett, County Durham, DH8 7SB
- PROPERTY TYPE
Commercial Property
- SIZE
Ask agent
Description
Auction ends 19th March at 14:30
£67,500+
Description
New five year lease to Ladbrokes Betting and Gaming Ltd
Rebased rent of £8,200pa
A well-let commercial investment property let to Ladbrokes Betting and Gaming Ltd, in the centre of the village of Leadgate.
The property had traded as a betting shop for many years.
The investment property comprises a lock-up ground floor shop. Accommodation 620 Sq Ft (57 Sq M)
The upper floors are held separately.
Terms
The property is owned on a long leasehold basis, by way of a 999 year long lease from the 1st September 2011, therefore with approximately 985 years remaining.
The property is fully let on full repairing and insuring terms to Ladbrokes Betting and Gaming Ltd at a rent of £8,200 per annum with a tenant only break option on the 24th March 2027. The new 5 year lease commenced on 25th March 2024. See legal pack for details.
The guide price represents a gross yield of 12.1%, which should appeal to investor buyers.
EPC
The property has an EPC rating of B.
VAT
The property is not elected for VAT and therefore VAT is not payable on the purchase.
Location
Leadgate is a former mining village just outside Consett in the heart of County Durham and just off the A692 that links to the A1.
Front Street provides the retail offering for the village.
Auctioneer's Note
The successful bidder will pay a buyer's contract fee on exchange of contracts of:
£900 including VAT for purchases upto and including £100,000.
£1,500 including VAT for purchases of £101,000 to £300,000.
£2,100 including VAT for purchases of £301,000 and above.
This fee is only payable by the successful bidder.
Viewing
Naylors Gavin Black Commercial Agents
*Guides are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
Brochures
Legal DocumentsOnline Bidding33 Front Street, Leadgate, Consett, County Durham, DH8 7SB
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Stocksfield Station7.5 miles
About Cheffins Residential, Property Auctions
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Notes
Disclaimer - Property reference 280885. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Cheffins Residential, Property Auctions. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
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 Cheffins Residential, Property Auctions on 01223 972814.
*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.”
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