Galgate, Barnard Castle

Grade II Listed, mid-terrace commercial premises comprising a retail store with first floor accommodation, extending to 166.74 sq Mm(1,795 sq ft) situated on a prominent position on one of the town's main retail and traffic routes.

Location - Barnard Castle is an established and affluent historic market town in south-west County Durham, positioned on the northern bank of the River Tees and serving a wide rural catchment extending into County Durham, North Yorkshire and Teesdale. The town lies approximately 16 miles west of Darlington and benefits from access via the A66 trans-Pennine route, which links the area to the A1(M) motorway network.

15 & 15A Galgate occupy a prominent position on one of the principal thoroughfares and main approaches into the town centre. Galgate forms part of the established retail core and links directly with the Market Place and Horsemarket shopping areas. The location benefits from consistent pedestrian and vehicular traffic generated by local residents, visitors and tourists.

Barnard Castle’s retail offer comprises a mix of national multiples, regional operators and independent retailers. Nearby occupiers within the town centre include Morrisons supermarket, Boots, Specsavers , Co-op, and Costa Coffee, supporting the town’s role as the dominant retail destination within the surrounding rural area.

The town also benefits from a strong tourism economy, centred around attractions including Barnard Castle and the surrounding Teesdale countryside. This provides additional seasonal footfall and supports a broad range of retail, leisure and hospitality businesses. The market town environment, affluent demographic profile and limited supply of sizeable freehold retail assets contribute positively to the investment appeal of the location.

The Property - 15–15A Galgate comprises a Grade II Listed mid-terrace retail investment property prominently situated within Barnard Castle town centre. The property is of traditional stone construction beneath pitched slate roofs, with a series of rear extensions and ancillary outbuildings providing additional accommodation.

The ground floor provides well-configured retail accommodation with ancillary office, storage, staff and welfare facilities, accessed directly from Galgate via a traditional timber shopfront. The property also benefits from rear access via an external door direct off Galgate, via a covered passageway leading to an enclosed yard.

At first floor level is a self-contained two-bedroom flat, currently utilised by the tenant as ancillary storage accommodation and accessed via an external staircase from the rear yard. The accommodation comprises a kitchen, two reception rooms, two bedrooms and a bathroom.

The property retains a number of attractive period features, including timber sliding sash windows to the principal elevation, whilst benefiting from replacement uPVC double-glazed windows to parts of the side and rear elevations.
The entire property is let to Age UK under a single commercial lease, providing a characterful freehold town centre investment with secure income from an established national charity tenant.

The property provides a total Gross Internal Area of approximately 166.74 sq m (1,795 sq ft) arranged over ground and first floors.

Ground Floor - 90.60 sq m (975 sq ft) GIA (89.18 sq m / 960 sq ft NIA) R e t a i l sales area accessed directly from Galgate, leading to an office, secondary office/store and staff kitchen facilities. A WC is located to the rear, together with access to the enclosed rear yard.

First Floor - 75.22 sq m (829 sq ft) GIA (78.07 sq m / 840 sq ft IPMS 3)
Accessed via an external staircase from the rear yard. Comprising a kitchen, two reception rooms, hallway, two bedrooms and a bathroom. The accommodation is currently utilised by the tenant for ancillary storage purposes.

In addition, there is an external store within the rear yard extending to approximately 2.49 sq m (27 sq ft) GIA.

Tenure - The property is help freehold and is currently occupied by AGE UK under the terms of a lease.

The principal terms of the lease are as follows:

Date of Lease: 31st August 2012
Tenant: Age UK
Start Date: 1st May 2012
Term Length: 15 years
Initial Rent: £13,750
Rent Passing: £14,900
Rent Review: 1st May 2017 & 1st May 2022
Repairs & Insurance: Full Repairing & Insuring

Assigning/Subletting - Assign whole of the Lease: Landlord consent required (not to be unreasonably withheld). Assign, charge or otherwise part with possession of part of the Lease: Prohibited

Underletting: Prohibited with the exception of the first floor where it is permitted to let under the terms of an Assured Shorthold Tenancy Agreement.

Security of Tenure: Not contracted out

Services - Electricity: Mains
Water: Mains
Drainage: Mains
Gas: Mains
Heating: Gas central heating

Rateable Value - We understand the property is subject to a Rateable Value of £13,250 for the year ending 31st March 2027.

Energy Performance Certificate - The EPC Rating for the property is EPC - C(67).

Tenure, Method And Basis Of Sale - The freehold of the property is offered for sale by the Modern Method of Auction.

Auction Terms - This property is for sale by the Modern Method of Auction, meaning the buyer and seller are to Complete within 56 days (the "Reservation Period"). Interested parties personal data will be shared with the Auctioneer (iamsold). If considering buying with a mortgage, inspect and consider the property carefully with your lender before bidding. A Buyer Information Pack will be provided. The winning bidder will pay £349.00 including VAT for this pack which you must view before bidding. The buyer signs a Reservation Agreement and makes payment of a non-refundable Reservation Fee of 4.5% of the purchase price including VAT, subject to a minimum of £6,600.00 including VAT. This is paid to reserve the property to the buyer during the Reservation Period and is paid in addition to the purchase price. This is considered within calculations for Stamp Duty Land Tax. Services may be recommended by the Agent or Auctioneer in which they will receive payment from the service provider if the service is taken. Any payment that will be received by the Agent or Auctioneer will be confirmed to you in writing before services are taken.
Services are optional.

Disputes - Should any discrepancy arise within these particulars of sale or in the interpretation of them, the question shall be referred to the arbitration of the Selling Agents whose decision acting as experts will be final.

Plans, Areas And Schedules - These are based on the Ordnance Survey and Rural Land Register records and are there for reference only. They have been carefully checked by the Selling Agents and the purchaser/s shall be deemed to have satisfied themselves as to the description of the property and any error or mis-statement shall not annul the sale nor entitle either party to compensation thereof.

Directions - The property is situated at 15 Galgate, Barnard Castle, DL12 8EQ, adjacent to the main bus stop, close to the Three Horseshoes Hotel. Starting at Market Place, head south-west onto Galgate. Continue for approximately 100 metres. The property is situated on the left-hand side of the street.

What3words - ///tugging.postcard.yelled

Local Authority - Durham County Council - T:

Conditions Of Sale / Anti-Money Laundering - Should a purchaser(s) have an offer accepted on a property marketed by GSC Grays they will need to undertake an identification check. This is done to meet our obligation under Anti Money Laundering Regulations (AML) and is a legal requirement. We use a specialist third party service to verify your identity. The cost of these checks is £37.50 plus VAT (£45.00 inc VAT) per buyer, which is paid in advance, when an offer is agreed and prior to a sales memorandum being issued.
This charge is non-refundable.