Description
The property briefly comprises an attractive 4-storey, Grade II listed property, with a double fronted retail unit at ground floor, and three, 3
bedroom student accommodation flats over the upper floors. The property is of traditional brick construction with rendered elevations
and a pitched tiled roof, timber sash window units and a mix of cast iron and uPVC rainwater goods.
The residential uppers were comprehensively refurbished last year to maintain premium student accommodation rents.
The ground floor is let to Excelity Limited (formerly Gadgets4UK Enterprises Limited) for a term of 10 years from 10th July 2023 at a rent of £40,000 per annum subject to an Open Market Rent Review on 10th July 2028. There is also a tenant break clause on 10th July 2028, subject to 6 month’s written notice, providing an unexpired term of 2.1 years.
The residential accommodation is let on a room by room basis at £190pppw (inc. bills) with a gross rental income of £88,920 pa. All bedrooms are let on 12 month ASTs from 1 July 2026. The property therefore provides a gross annual rent of £128,920.
Location
Durham is a historic cathedral city in the North east, situated 18 miles south of Newcastle, 88 miles north of Leeds and 267 miles north of London.
The city is located along the A1(M) corridor and is home to Durham University, a member of the Russell Group of research universities and the
third oldest in the UK behind Oxford and Cambridge. The university enrols on average around 22,000 students, the majority of which live in the city throughout their education.
The city benefits from excellent transport links, with Durham Station providing rail access along the East Coast Main Line between Edinburgh
and London, with various trains also running west. The A1(M) runs adjacent to the east of the city, with regular buses also running through the city via the newly opened £10m North Road bus station. Newcastle Airport and Teesside Airport are both located within 40 miles of Durham.
Durham is the largest settlement within the County Durham region, serving a large radius for retail, commercial and leisure needs. The overall
convenience expenditure pot within the Durham City catchment was c.£219.25m in 2018; the latest study identifies that the expenditure pot will
rise to c.£227.07m in 2033 (DCC). Durham also has a substantial tourist economy, with Durham Cathedral alone attracting over 600,000 visitors annually, reinforcing the city’s status as a major heritage destination.
