31 Newgate Street, Bishop Auckland
Size
14,285
Tenure
Freehold
EPC
Parking
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- Primary use
- Other
No floor / site plan
Key features
- High Yielding Retail Investment
- Fully Let to a Private Individual
- Fixed Rental Uplift to £55,000 in 2028
- Development Potential (subject to consents)
- Investment Let at £40,000 p.a. (15% GIY on Guide Price)
- Retail Unit and Upper Parts
- Recently Signed 5 Year Lease Expiring 20.03.2030
- 14,285 sq ft (1,327 sq m)
- Prominent Corner Pitch
- Guide Price Reflects 21.15% Gross Yield Following Fixed Uplifts
Description
Arranged across ground and first floors, the property provides 14,285 sq ft (1,327 sq m) of accommodation and is fully let to a private individual on a five year lease expiring 20.03.2030 and paying £40,000 per annum.
The lease includes a fixed uplift to £55,000 in 2028. The current contracted rent is £35,000 per annum, but the vendor will "top up" the rent to £40,000 per annum from completion until 21.03.2027, when the fixed uplifts within the lease align with this rent.
The property occupies a prominent corner pitch fronting Newgate Street, the principal retail street within Bishop Auckland and benefitting from high footfall. Neighbouring occupiers include Holland & Barret, Timpson, Vodafone, Santander, Admiral, Greggs, Halifax and many other independent shops restaurants and bars can be found nearby.
- Service charge
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- Business rates
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- Use class
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- Listed building
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- Business for sale
- No
An Energy Performance certificate helps you understand the current energy efficiency of a property.
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- BREEAM rating
Unclassified
- Environmental description
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Brochure
31 Newgate Street, Bishop Auckland
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Disclaimer - Property reference 75E73069-E2FB-4DBE-BA7D-C9C069C32662. 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 Savills National , Savills Auctions- Commercial. 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.