Central Terrace, Redcar, North Yorkshire, TS10 1DJ
Business rates & charges may apply
- SIZE
Ask agent
- SECTOR
Commercial development for sale
Key features
- 3 Commercial Units & 9 Existing Flats with a current income of £96,240 per annum.
- Prime Redcar Town Centre Location
- Outline Planning for 30 Additional Apartments
- Significant Development & Investment Potential
- 39 Apartments in Total on Completion
- Major Regeneration & Growth Area
Description
Prime Mixed-Use Investment & Development Opportunity.
Craigton House presents an exceptional opportunity to acquire a substantial mixed use investment in a prominent town centre location, combining established income with significant asset management and development potential.
Situated on West Terrace in the heart of Redcar, the property currently comprises three ground floor commercial units, nine self-contained residential apartments and car parking for approximately 20 vehicles.
The existing residential accommodation currently generates £4,020 per calendar month, equating to £48,240 per annum.
In addition, Units 9–10 provide a further £20,000 per annum, whilst the commercial accommodation offers significant scope to increase income, with Units 7–8 potentially generating approximately £20,000 per annum and Unit 11 providing a further £8,000 per annum. Based on the figures provided, the combined current and potential income is approximately £96,240 per annum, subject to occupancy, existing tenancy arrangements and final letting terms.
The property benefits from Outline Planning Permission under Reference R/2025/0437/OOM for the addition of two storeys above the existing building together with a four-storey rear extension and ground floor parking provision. The approved scheme provides for the creation of 30 additional self-contained apartments, increasing the residential accommodation from the existing nine apartments to 39 apartments in total.
The planning consent provides a significant opportunity to unlock further value through the comprehensive enhancement and redevelopment of the property, with the potential to substantially increase both rental income and capital value. The outline nature of the consent, with layout and landscaping reserved, also provides flexibility for the detailed design and delivery of the proposed scheme.
Craigton House therefore offers a compelling combination of existing income, commercial rental growth, substantial residential development potential and a prominent town centre location, making it an attractive proposition for investors, developers and owner-occupiers seeking a significant value-add opportunity within Redcar's evolving coastal and regeneration market.
Location -
Craigton House occupies a highly accessible location on West Terrace, forming part of Redcar's established commercial centre. The property is situated within easy walking distance of a wide range of retail, leisure and public transport facilities, making it particularly attractive to both residents and commercial occupiers. Redcar Beach, the town's award-winning seafront, lies only a short walk from the property and continues to attract visitors throughout the year.
The town centre offers an extensive range of independent retailers, national operators, cafés, restaurants and leisure facilities, while Redcar Central railway station provides regular services throughout Teesside and connections to the wider national rail network. The property's central position provides excellent access to the A174 and A19, placing Middlesbrough, Stockton-on-Tees and the wider Tees Valley employment areas within convenient commuting distance.
Description
Craigton House presents an exceptional opportunity to acquire a substantial mixed - use investment in a prominent town centre location, combining established income
with significant asset management and development potential.
Location
Craigton House occupies a highly accessible location on West Terrace, forming part
of Redcar's established commercial centre.
Tenure
Title number
CE29632 - Freehold
Additional Information
For further information please contact our office directly on , or alternatively via email on . With regards to viewing subject property, this is to be done strictly by appointment.
Auctioneers Additional Comments
Pattinson Auction are referred to as The Auctioneer. This auction lot is being sold by either conditional (Modern) or unconditional (Traditional) auction terms and overseen by The Auctioneer. The method of auction sale and the applicable terms and conditions are found on the lot page of this property on The Auctioneers website. The property is available to view strictly by appointment only via any Marketing Agent or The Auctioneer. Please be aware that any enquiry, bid or viewing of the subject property will require your details to be shared between any marketing agent and The Auctioneer so that matters can be dealt with effectively. The property is being sold via a transparent online auction. To submit a bid, all bidders must adhere to a verification of identity process in line with Anti Money Laundering procedures. Bids can be submitted at any time and from anywhere.
Auctioneers Additional Comments
The advertised price is commonly referred to as a Starting Bid or Guide Price and is accompanied by a Reserve Price. The Reserve Price is confidential to the seller and The Auctioneer and will typically be within a range above or below 10% of the Guide Price or Starting Bid. These prices are subject to change. An auction can be closed at any time, with The Auctioneer permitting the property (the lot) to be sold prior to the end of the auction. A Legal Pack associated with this property is available to view upon request and contains details relevant to the legal documentation, enabling all interested parties to make an informed decision prior to bidding. The Legal Pack will also outline the buyers obligations and sellers commitments. It is strongly advised that you seek the counsel of a solicitor prior to proceeding with any property and/or Land Title purchase.
Auctioneers Additional Comments
In order to secure the property and ensure commitment from the seller, upon exchange of contracts the successful bidder will be expected to pay a non-refundable deposit equivalent to 5% of the purchase price. The deposit will form part of the purchase price. A non-refundable reservation fee of up to 6% inc VAT (subject to a minimum fee which could be up to 7,200 inc VAT) is also payable upon agreement of sale. The Reservation Fee is in addition to the agreed purchase price, and consideration should be given by the purchaser to any Stamp Duty Land Tax liability associated with the overall purchase costs. Both the Marketing Agent and The Auctioneer may consider it necessary or beneficial to pass customer details to third-party service suppliers, from whom a referral fee may be received. There is no requirement or obligation to use any recommended suppliers or services.
Brochures
Central Terrace, Redcar, North Yorkshire, TS10 1DJ
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Redcar Central Station0.2 miles
- Redcar East Station0.9 miles
- British Steel Redcar Station1.8 miles
About Pattinsons, Pattinsons Auction- National Auctioneer
Mercantile House Silverlink, Wallsend, NE28 9NYNotes
Disclaimer - Property reference 518043. 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 Pattinsons, Pattinsons Auction- National Auctioneer. 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.
Auction Fees: The purchase of this property may include associated fees not listed here, as it is to be sold via auction. To find out more about the fees associated with this property please call Pattinsons, Pattinsons Auction- National Auctioneer on 0191 625 0964.
*Guide Price: An indication of a seller's minimum expectation at auction and given as a “Guide Price” or a range of “Guide Prices”. This is not necessarily the figure a property will sell for and is subject to change prior to the auction.
Reserve Price: Each auction property will be subject to a “Reserve Price” below which the property cannot be sold at auction. Normally the “Reserve Price” will be set within the range of “Guide Prices” or no more than 10% above a single “Guide Price.”