Gilesgate Shopping Centre, Sunderland Road, Duham , DH1 2LH
£1,545,000
£92.98 per sq ft
Business rates & charges may apply
- SIZE AVAILABLE
16,616 sq ft
1,544 sq m
- SECTOR
High street retail property for sale
Key features
- 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
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.
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.
Brochures
Gilesgate Shopping Centre, Sunderland Road, Duham , DH1 2LH
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Durham Station1.1 miles
Notes
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