Lot 4 - 33 Front Street, Leadgate, Consett, County Durham, DH8 7SB
- Unconditional Online Auction Sale
- Guide Price* : £67,500+
- Bedrooms: 0
Description
• New five year lease to Ladbrokes Betting and Gaming Ltd
• Rebased rent of £8,200pa
A well-let commercial investment property let to Ladbrokes Betting and Gaming Ltd, in the centre of the village of Leadgate.
The property had traded as a betting shop for many years.
The investment property comprises a lock-up ground floor shop. Accommodation 620 Sq Ft (57 Sq M)
The upper floors are held separately.
Terms
The property is owned on a long leasehold basis, by way of a 999 year long lease from the 1st September 2011, therefore with approximately 985 years remaining.
The property is fully let on full repairing and insuring terms to Ladbrokes Betting and Gaming Ltd at a rent of £8,200 per annum with a tenant only break option on the 24th March 2027. The new 5 year lease commenced on 25th March 2024. See legal pack for details.
The guide price represents a gross yield of 12.1%, which should appeal to investor buyers.
EPC
The property has an EPC rating of B.
VAT
The property is not elected for VAT and therefore VAT is not payable on the purchase.
Tenure
Long Leasehold subject to tenancies
Viewing
Naylors Gavin Black Commercial Agents 0191 2327030
Location
Leadgate is a former mining village just outside Consett in the heart of County Durham and just off the A692 that links to the A1.
Front Street provides the retail offering for the village.
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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