For Sale by Auction on 21st November 2024
The ground floor only of a three storey building arranged as a retail unit.
Location
The market town of Stockton-on-Tees lies within County Durham about 10 miles east of Darlington and 21 miles south east of Durham. It can be accessed via the A66(M) and A19 with the former providing access to the A1(M) to the west. Stockton railway station provides regional rail services and Teesside International Airport lies about 8 miles to the south west. The town has recently benefitted from a £60m regeneration of the High Street, which is the widest in the UK.
Dovecot Street is one of the principal shopping thoroughfares in the town centre running west from High Street. The property lies on the north side of the street in a pedestrianised zone next to Wellington Square Shopping Centre where occupiers include WH Smith, The Works, Holland and Barrett and Caffe Nero. Other nearby occupiers include William Hill, Three, Halifax, Virgin Money and NatWest.
Accommodation
Ground Floor - Approximately 45.26 sq m (487 sq ft)
Terms
Guide Price - £70,000; Bidder Security £3,500 fully refundable if unsuccessful bidder
Tenure - Leasehold for a term of 999 years from completion (refer to legal pack).
Planning - Stockton-on-Tees Borough Council (01642 525022) - www.stockton.gov.uk
Tenancy - Let to an individual t/a Venice Market for a term of 10 years from 16.05.2024 (Tenant's break option on 01.06.2029; The tenant trades from two other stores)
VAT - VAT is applicable to this sale
Energy Performance Indicator - Rating 62 Band C
Specification
- Long leasehold ground floor retail investment
- Pedestrianised town centre location
- Close to numerous national retailers
- Let until 2034 (subject to break opton in 2029)
- Guide price reflects a gross initial yield of 14.29%
- Producing £10,000 per annum - Rent review on 01.06.2029 linked to RPI