Former Delves Lane Betting Office, Delves Lane, Consett, County Durham, DH8 7BH
- PROPERTY TYPE
Commercial Property
- SIZE
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Description
Auction ends 19th March at 14:40
£35,000+
Description
New lease from 25 October 2024
Rent £4,700 pa
Potential development site STP
A detached retail investment opportunity, comprising a former betting office which is fully let to a local occupier, providing a strong rental return for purchasers.
The single storey building has a pitched roof, with the internal accommodation measuring 306 Sq Ft ( Sq M).
In addition, the property benefits from a generous plot, with land to the rear of the building. This may provide potential for extension or development, subject to planning.
Terms
The property is freehold and let by way of a 7 year full repairing and insuring lease to a private individual from 25th October 2024 expiring October 2031, with a tenant break option at the third anniversary. The current rent is £4,700 pa.
The property therefore offers a competitive gross yield of 13.4% based on the guide price.
See legal pack for further details.
EPC
Property exempt.
VAT
The property is not registered for VAT and therefore VAT is not payable on the purchase.
Location
Delves Lane is located in a residential location to the south of Consett, a town located in the heart of County Durham and with excellent links to both Newcastle and Durham City.
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 BiddingFormer Delves Lane Betting Office, Delves Lane, Consett, County Durham, DH8 7BH
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Stocksfield Station8.4 miles
About Cheffins Residential, Property Auctions
Clifton House, 1 & 2 Clifton Road, Cambridge, CB1 7EA
Notes
Disclaimer - Property reference 280888. 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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