Alma Place, Durham, County Durham, DH1
Guide Price
£2,100,000
£194.34 per sq ft
Business rates & charges may apply
- SIZE AVAILABLE
10,806 sq ft
1,004 sq m
- SECTOR
Retail property retail park for sale
- USE CLASSUse class orders: B1 Business
B1
Key features
- Prominently located car showroom investment in Durham
- Durham has an immediate population in excess of 50,000 and a county wide population in excess of 520,000
- Highly visible location immediately opposite Durham City Retail Park
- Nearby occupiers include B&Q, Currys PC World, B&M, Argos, Boots, SCS, KFC, and Pizza Hut.
- The local area forms a motor retail cluster, including Toyota and Renault, with Cooper BMW, Seat, Nissan, Mazda, and Skoda dealerships nearby.
- The excellent location may provide future opportunity for redevelopment, particularly for roadside uses.
- Comprising a 10,806 sq ft showroom with 117 car parking spaces on a site of approximately 1 acre
- The property is entirely let to Sherwoods Motor Group Limited (t/a Peugeot) at the passing rent of £140,000 per annum (only £12.95 psf) subject to 5 yearly upward only rent reviews to market rent.
- The next rent review is in July 2025 providing an early opportunity for rental growth
Description
INVESTMENT SUMMARY
Prominently located car showroom investment in Durham
Durham has an immediate population in excess of 50,000 and a county wide population in excess of 520,000
Highly visible location immediately opposite Durham City Retail Park
Nearby occupiers include B&Q, Currys PC World, B&M, Argos, Boots, SCS, KFC, and Pizza Hut
The local area forms a motor retail cluster, including Toyota and Renault, with Cooper BMW, Seat, Nissan, Mazda, and Skoda dealerships nearby
The excellent location may provide future opportunity for redevelopment, particularly for roadside uses
Comprising a 10,806 sq ft showroom with 117 car parking spaces on a site of approximately 1 acre
The property is entirely let to Sherwoods Motor Group Limited (t/a Peugeot) at the passing rent of £140,000 per annum (only £12.95 psf) subject to 5 yearly upward only rent reviews to market rent.
The next rent review is in July 2025 providing an early opportunity for rental growth
According to CreditSafe (Jan-25) Sherwoods Motor Group Limited have a credit risk score of 78 - Very Low Risk and an International Risk Score of A - Very Low Risk.
We are instructed to seek offers in excess of £2,100,000 (Two Million, One Hundred Thousand Pounds) reflecting a net initial yield of 6.27% and assuming standard purchasers costs of 6.30%
DESCRIPTION
The property is a purpose-built car showroom designed to reflect the Peugeot brand. It features a striking double-height, fully glazed showroom, complemented by a rear parts department and vehicle workshop. The property benefits from substantial frontage onto Alma Place, a key arterial route connecting Durham city centre to the A1(M).
Modern office accommodation is provided on both the ground and first floors. The one-acre (0.4-hectare) site, accessed directly from Alma Place, offers ample display space for new and used vehicles, along with generous customer and staff parking (estimated at 117 spaces).
TENANCY INFORMATION
The property is let on a 20 year FRI lease from 9 July 2010 and expiring on 8 July 2030 (circa 5.5 years unexpired) at a passing rent of £140,000 per annum (only £12.95 psf) subject to 5 yearly upward only rent reviews to market rent.
The next rent review is 9 July 2025. The tenant did not exercise their option to terminate the lease on 9 July 2025 (subject to providing 6 months' notice) demonstrating their ongoing
commitment to the building.
The lease was assigned to Sherwoods Motor Group Limited in 2018.
The motor trade investment sector offers several attractive characteristics for investors. These include substantial sites in prime commercial locations, often presenting opportunities for alternative uses; low building density; tenants with robust financial standing and reliable income streams; and frequently, potential for future redevelopment.
SITUATION
This prominent location in Durham, along a main arterial route into Durham City Centre, immediately opposite Durham City Retail Park; incorporating occupiers such as B&M, Pure Gym, Currys, McDonalds, KFC with other presents a number of future redevelopment opportunities, particularly for roadside uses.
Prominently located car showroom investment in Durham
Durham has an immediate population in excess of 50,000 and a county wide population in excess of 520,000
Highly visible location immediately opposite Durham City Retail Park
Nearby occupiers include B&Q, Currys PC World, B&M, Argos, Boots, SCS, KFC, and Pizza Hut
The local area forms a motor retail cluster, including Toyota and Renault, with Cooper BMW, Seat, Nissan, Mazda, and Skoda dealerships nearby
The excellent location may provide future opportunity for redevelopment, particularly for roadside uses
Comprising a 10,806 sq ft showroom with 117 car parking spaces on a site of approximately 1 acre
The property is entirely let to Sherwoods Motor Group Limited (t/a Peugeot) at the passing rent of £140,000 per annum (only £12.95 psf) subject to 5 yearly upward only rent reviews to market rent.
The next rent review is in July 2025 providing an early opportunity for rental growth
According to CreditSafe (Jan-25) Sherwoods Motor Group Limited have a credit risk score of 78 - Very Low Risk and an International Risk Score of A - Very Low Risk.
We are instructed to seek offers in excess of £2,100,000 (Two Million, One Hundred Thousand Pounds) reflecting a net initial yield of 6.27% and assuming standard purchasers costs of 6.30%
DESCRIPTION
The property is a purpose-built car showroom designed to reflect the Peugeot brand. It features a striking double-height, fully glazed showroom, complemented by a rear parts department and vehicle workshop. The property benefits from substantial frontage onto Alma Place, a key arterial route connecting Durham city centre to the A1(M).
Modern office accommodation is provided on both the ground and first floors. The one-acre (0.4-hectare) site, accessed directly from Alma Place, offers ample display space for new and used vehicles, along with generous customer and staff parking (estimated at 117 spaces).
TENANCY INFORMATION
The property is let on a 20 year FRI lease from 9 July 2010 and expiring on 8 July 2030 (circa 5.5 years unexpired) at a passing rent of £140,000 per annum (only £12.95 psf) subject to 5 yearly upward only rent reviews to market rent.
The next rent review is 9 July 2025. The tenant did not exercise their option to terminate the lease on 9 July 2025 (subject to providing 6 months' notice) demonstrating their ongoing
commitment to the building.
The lease was assigned to Sherwoods Motor Group Limited in 2018.
The motor trade investment sector offers several attractive characteristics for investors. These include substantial sites in prime commercial locations, often presenting opportunities for alternative uses; low building density; tenants with robust financial standing and reliable income streams; and frequently, potential for future redevelopment.
SITUATION
This prominent location in Durham, along a main arterial route into Durham City Centre, immediately opposite Durham City Retail Park; incorporating occupiers such as B&M, Pure Gym, Currys, McDonalds, KFC with other presents a number of future redevelopment opportunities, particularly for roadside uses.
Brochures
Alma Place, Durham, County Durham, DH1
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Durham Station1.7 miles
About Delta Capital Property Investment, Newcastle Upon Tyne
Collingwod Buildings 38 Collingwood Street Newcastle Upon Tyne NE1 1JENotes
These notes are private, only you can see them.
Disclaimer - Property reference AlamaPlace. 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 Delta Capital Property Investment, Newcastle Upon Tyne. 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.
Map data ©OpenStreetMap contributors.