Lot 2 - 68 Hope Street, Crook, County Durham, DL15 9HT
- Unconditional Online Auction Sale
- Guide Price* : £95,000+
- Bedrooms: 0
Description
• Neighbourhood betting shop
• £10,000 per annum rebased rent
A fantastic opportunity to acquire a freehold investment property, let to Done Brothers (t/a BETFRED) on a recently signed 5 year lease.
The mid terraced property has both ground and first floor accommodation comprising:
Accommodation
Ground floor - 1,689 Sq Ft (157 Sq M)
First Floor - 574 Sq Ft (53 Sq M)
Terms
Freehold subject to a five year full repairing and insuring lease from 25th March 2024 let to Done Brothers (Cash Betting) Ltd at an annual rent of £10,000 per annum with a tenant only break option after three years, on giving no less than six months notice. See legal pack for details.
The guide price therefore represents a potential gross yield of 10.5%.
EPC
The property has an EPC rating of D.
VAT
The property is not elected for VAT and therefore VAT is not payable on the purchase.
Tenure
Freehold subject to lease
Viewing
Naylors Gavin Black Commercial Agents 0191 2327030
Location
Crook is a market town in the heart of County Durham, 10 miles south west of Durham and 6 miles north east of Bishop Auckland.
The property is located on Hope Street, the main street running through the centre of the town.
Auctioneer's Note
The successful bidder will pay a buyer’s contract fee on exchange of contracts of:
£900 including VAT for purchases upto and including £100,000.
£1,500 including VAT for purchases of £101,000 to £300,000.
£2,100 including VAT for purchases of £301,000 and above.
This fee is only payable by the successful bidder.
Legal Packs
www.cheffins.co.uk/auctions/property-auctions or Victoria Walton at Swinburn Maddison LLP, First Floor Venture House, Aykley Heads Business Centre, Aykley Heads Business Centre Road, Durham, Durham, DH1 5TS
Vendors Solicitor
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
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Vendors Solicitor
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