{"loaderData":{"0-3":{"propertyListing":{"building":{"id":"760760351921248","summary":"The property consists of a two-storey retail parade comprising of 8 units. The property is of brick construction with a flat roof. The retail units face onto the busy Sunderland Road, with loading areas to the rear. The upper floors are a mix of office and storage uses. Included with the property is an adjoining car park. The property has been improved during the period of the current ownership through several refurbishments and upgrades to the units and car park.It also benefits from most of the units having long established tenants.","archived":false,"description":"Location

Gilesgate Shopping Centre occupies a prominent position approximately 1.5 miles east of Durham City Centre, serving the densely populated residential areas of Gilesgate, Belmont and the wider Durham catchment. The scheme benefits from excellent connectivity, with direct access to the A690 providing links to the A1(M) the region's principal motorway. The property fronts onto the busy Sunderland Road.

Gilesgate Shopping Centre provides an established neighbourhood retail offering, benefiting from a loyal customer base and a strategic position within one of County Durham's most sought-after residential and commercial locations.

The population of Gilesgate is 6,746 (2021 Census) and the population including the surrounding towns is 13,640 (Elvet, Gilesgate and Shincliffe).

Due to the property's close-proximity to Durham City Centre, there has been investment nearby in Student HMO development and recent improvements to cycle infrastructure.

Durham County Council has spearheaded a £70 million county-wide five-year plan to build 500 new affordable homes. In Gilesgate, this includes the completion of bungalows at Hartley Gardens and the targeted acquisition of properties to bolster the local affordable housing stock.

Description

The property consists of a two-storey retail parade comprising of 8 units. The property is of brick construction with a flat roof. The retail units face onto the busy Sunderland Road, with loading areas to the rear. The upper floors are a mix of office and storage uses. Included with the property is an adjoining car park. The property has been improved during the period of the current ownership through several refurbishments and upgrades to the units and car park.It also benefits from most of the units having long established tenants.

Tenure Comments

Long leasehold from Durham County Council at a peppercorn for a term of 2,000 years from 23 December 1993.

Seeking offers over £1,545,000 (One million five hundred and forty-five thousand pounds). This shows a net initial yield of 7.52% after standard purchaser's costs.

Service Charge

The units are let on effective FRI terms with a service charge in operation.

Current service charge is £29,496 pa(£1.78 psf). We understand there is no shortfall. The current service charge year runs from 01/06/2026 to 31/05/2027.

The service charge covers common costs for items including management fees, health & safety compliance and maintenance and repair of the building and the car park. The service charge costs are apportioned between all the tenants. Durham County Council shares responsibility for maintaining the car park.

Legal Costs

Each party to be responsible for their own legal costs incurred in this transaction.","disclaimer":{"raw":"Disclaimer - Property reference 3410FH. The information displayed about this property comprises a\n property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of\n the advertisement or any linked or associated information, and Rightmove has no control over the\n content. This property advertisement does not constitute property particulars. The information is\n provided and maintained by Naylors Gavin Black LLP, Newcastle Upon Tyne. Please contact the selling\n agent or developer directly to obtain any information which may be available under the terms of\n The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations\n 2007 or the Home Report if in relation to a residential property in Scotland.\n"},"transactionType":"SALES","amenities":[],"keyFeatures":["Established neighbourhood shopping centre anchored by Sainsbury's Supermarkets Ltd until August 2033","Sainsbury's has been in occupation since October 2007 and last renewed in 2023","Located in busy residential / commercial location
","Let to 7 tenants, offering a diverse mix of income","Includes a 'free to use' car park","WAULT to expiry 5.1 years (4.8 years to break)","Virtual Freehold","Total passing rent of £123,251 per annum, with growth prospects","Seeking offers over £1.545m. This shows a net initial yield of 7.52% after standard purchaser's costs"],"environment":{"epcRating":null,"breeamRating":null,"environmentalDescription":null},"pricing":{"price":1545000,"displayQualifier":"NONE","frequency":null,"rentObligation":null},"useClasses":[],"tenureType":null,"tenureYearsRemaining":null,"parkingSpaces":null,"yearBuilt":null,"yearRenovated":null,"listedBuilding":null,"numberOfFloors":null,"planningPermission":null,"businessForSale":false,"media":{"brochures":[{"uri":"property-brochure/7208b3032/760760351921248/7208b3032c1eebcc18526419adb2ba60.pdf","description":"Naylors Brochure - Gilesgate Final"}],"photos":[{"uri":"property-photo/572e806d7/760760351921248/572e806d76aaae0e8d0d7a790c80713e.jpeg","description":"Photo 9"},{"uri":"property-photo/78ac12161/760760351921248/78ac1216189eebb524704349c14dd9c6.jpeg","description":"Photo 3"},{"uri":"property-photo/cfa7996a4/760760351921248/cfa7996a4b9fe9462c9e1926ce45b86c.jpeg","description":"Photo 4"},{"uri":"property-photo/134b5f058/760760351921248/134b5f058d0d12f052926d59c9e1e30f.jpeg","description":"Photo 5"},{"uri":"property-photo/8dadbea0c/760760351921248/8dadbea0c2151e1da8400ed78b6709c4.jpeg","description":"Photo 6"},{"uri":"property-photo/2d9af910d/760760351921248/2d9af910de645abdadbebebb49f8c13a.jpeg","description":"Photo 7"},{"uri":"property-photo/b2e9d8103/760760351921248/b2e9d810360c3d09fb22493773feec36.jpeg","description":"Photo 8"},{"uri":"property-photo/08b3bd671/760760351921248/08b3bd671aff25de5addf1e813094619.jpeg","description":"Photo 10"}],"floorPlans":[],"virtualTours":[],"videoTours":[],"epcs":[],"epcGraphs":[]},"sizing":{"unit":"SQFT","size":16616,"minSize":null,"measurementType":null,"maxSize":null},"location":{"displayAddress":"Gilesgate Shopping Centre, Sunderland Road, Duham , DH1 2LH","showMap":true,"postcode":{"incode":"2LH","outcode":"DH1"},"streetView":null,"latitude":54.779053,"longitude":-1.555119},"nearestStations":[{"distance":1.0594603551899278,"name":"Durham Station","types":["NATIONAL_TRAIN"],"unit":"miles"}],"agents":[{"name":"Naylors Gavin Black LLP, Newcastle Upon Tyne","email":null,"profileUrl":"/estate-agents/agent/Naylors/Newcastle-Upon-Tyne-100681.html","logo":"/partner-logo/13612096-LOGO-1772484745505.jpg","id":100681,"description":"

We are Naylors - we bring Real Estate, Real Value - to the North East. We are the North East's largest independent commercial property consultancy based in Newcastle upon Tyne. We bring a fresh, dynamic approach to the property market striving to offer the best possible results for our clients.

With decades of market experience on our side, our advice is underpinned with a thorough understanding of the commercial property market from the inside out. Clients come to us for our knowledge and intuitive understanding of the region’s property sector, and we always deliver. Our solid reputation is built on the recommendation of happy clients.

You will find our straight forward, open and honest approach refreshing. Experts in our respective fields, we work together to provide a first-rate joined up service across all sectors and focus on building strong, lasting relationships with our clients. We are, above all, a people business – our client’s needs are of the first and utmost importance.

At Naylors we believe that people who are specialists give the best advice. That’s why our services are broken down into specific areas, with each service led by a senior Naylors expert. It’s this structure which allows us to offer a bespoke service providing solutions across all property types. Our services include Property investment, Industrial Agency, Office Agency, Building Consultancy, Asset & Facilities Management, Valuations & Lease Advisory, Rating and Development Consultancy.

We are regional market leaders poised for progressive growth, yet we are loyal to our roots. Based firmly in the North East, we are owned, managed and run from Newcastle, it’s our home, our passion and the place we know best.

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