Description
A mixed-use investment comprising a prominent end-terrace property of traditional stone construction beneath interconnecting pitched slate roofs, occupying a corner position at the junction of Medomsley Road and Stanley Street.
The asset provides a well-balanced income profile, including a ground floor retail unit with extensive glazed aluminium frontage onto Medomsley Road (73), a spacious three-bedroom flat at first floor level (73a), and a separate two-storey office building to the rear (Dean House), with independent access from Stanley Street. The property benefits from modern uPVC double glazed windows and doors throughout.
Situated close to the town centre within an established mixed-use area, with a busy retail parade and free pull-in parking directly opposite.
The property offers diversified income with potential for rental growth, reconfiguration or alternative use, subject to the necessary consents.
Location
Consett is a market town in County Durham with a population of approximately 29,885 (2021 Census), located c. 12 miles from Newcastle upon Tyne and 13 miles from Durham.
The town has experienced substantial residential growth, with several large ongoing developments from Miller Homes, Persimmon and Amethyst Homes.
The property occupies a prominent position on Medomsley Road, benefiting from strong passing traffic and footfall. It forms part of an established parade with a mix of independent and national occupiers, including Ramsdens, Westway Vets, Domino’s Pizza, Iceland and Pattinson Estate Agents.
Tenancy Information
The property is fully let to three tenants, producing a total income of £19,800 pax. A modest assessment of market rents indicates a potential income of c. £23,800 pax, reflecting a reversionary yield of 11.94%. A full tenancy schedule is available to qualified purchasers upon request.
Proposal
We are instructed to seek offers in the region of £195,000 (One Hundred and Ninety Five Thousand Pounds). A purchase at this level reflects a net initial yield of 9.93% after standard purchaser’s costs of 2.26%.
Business Rates / Council Tax
No. 73 - Rateable Value: £4,550
Dean House - Rateable Value: £5,700
No. 73A - Band A
VAT
All rents and purchase prices quoted are exclusive of VAT. All offers are to be made on this basis and where silent, offers will be deemed net of VAT.
Legal Costs
Each party to be responsible for their own costs incurred in the transaction.
Anti-Money Laundering Regulations
In accordance with anti-money laundering regulations, two forms of identification and confirmation of the source of funding will be required from the purchaser / tenant.
About Us
Established in April 2017, Graham S Hall Chartered Surveyors are a highly regarded independent firm of Chartered Surveyors and commercial property agents based in Durham.
We are passionate about property and getting the best results for our clients. We pride ourselves on hard work and giving good honest advice, irrespective of the fee and even when it might not be what the client wants to hear.
While our focus is primarily on sales, lettings and acquisition of retail, office, industrial and investment, we also offer extensive experience in asset management, development and lease advisory, such as lease renewal and rent review.
Our main core areas of work include:
Leasing and letting
Sale and purchase
Investment sale and purchase
Lease renewal and rent review
Asset management
Development
Consultancy
Expert witness
However big or small, we are ready to help. Talk to us today.
