Features and description

Two Storey Premises
Tenanted investment
Prominent Position
Freehold Title
NIA 748m2 (8,052 sqft)

FOR SALE BY AUCTION: Terms and conditions apply.

We are pleased to offer to auction this Two storey, end terrace building located on Front Street, Stanley.
The premises is currently occupied by two tenants generating and annual rent of £40,266.10.
We are advised that the ground floor tenant is not looking to renew once current lease ends and tenant of first floor has activated break clause. The premises is situated in mixed use area and would make a very good project for redevelopment.

Rooms

Location
The subject property is well located along Front Street. This property is located within easy reach of local amenities, transport links and schools. The subject property is located approximately 0.8 miles from Stanley town centre and approximately 9.3 miles from Durham city centre.

Accommodation Mayfair Carpets
Ground Floor: Main Retail Area (19.6 x 16.1) Shop (8.1 x 5.1) Storage (8.7 x 2.6) Office (2.8 x 2.2) Part First Floor: warehouse/storage (9.2 x 6.2) X2 W.C Kitchen (5.1 x 2.9) Storage/office 1 (7.4 x 6.3) Storage/office 2 (2.7 x 1.7) Storage/office 3 (4.5 x 2.9)

Accommodation Dance Studio
Part First Floor: Dance Studio (15.7 x 2.7) Dance Studio (9.1 x 8) Reception Room (3.9 x 2.7) Office (5.2 x 3.4) Teaching Room (5.8 x 5.6) Kitchen (4.4 x 4.2) X2 W.C 3 Storage Rooms

Lease Details Ground and Part of First Floor
Ground and Part of First Floor. 21 year lease commencing July 2001 Rent: £32,162.72 PA. We are advised that tenants are not looking to renew current terms.

Lease Details First Floor
First Floor Dance Studio A lease of 21 years was granted 14th September 2010 Rent: £8,103.38 PA We are advised that the current tenant has activated break option and will be vacating by 01st July 2022.

Tenure
FREEHOLD. TITLE NUMBER: DU335173

Rateable Value
Ground Floor - The adopted rateable value is £15,250 as of 1st April 2017. First Floor - The adopted rateable value is £7,100 as of 1st April 2017. Sourced from VOA.

EPC
Available upon request (rating D).

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About this agent

Pattinson - Commercial

2 Hill Street, Gateshead Tyne and Wear NE8 2AS

0191 392 0913

Full profile Property listings

Pattinson Estate Agency is an award-winning family-run business that was Launched in 1977 on Independence Day. This is no coincidence, as independence is central to our company ethos. We are the most recognised estate agency in the North East, and in that time we have grown from 1 office to 28, with 300 members of staff, and we officially sell more properties in the North East, than any other estate agency. However, we don’t just sell houses! Our many property services include sales, lettings (property management), auction, commercial, financial services, conveyance and surveys, and we have it all under one roof! We can be contacted 6 days a week at extended hours, as we have a dedicated Regional Team who take the overspill calls from our 28 branches, so all client relationships are built and maintained. At Pattinsons, we are innovative leaders in the property industry, with pro-active selling, a reliable reputation, and substantial repeat business. Our national secure sale department, ‘Pattinson Auction’, was launched 33 years ago, and is going from strength to strength. As serious players in the field of digital marketing, we successfully utilise the social media platforms TikTok, Facebook and Instagram as part of our extensive marketing process. We have a wealth of knowledge and an expansive network to help find the best solution for you and your property requirements. You can trust Pattinsons, the North East’s leading estate agency.

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Features and description

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