Lot 5 - Former Delves Lane Betting Office, Delves Lane, Consett, County Durham, DH8 7BH
- Unconditional Online Auction Sale
- Guide Price* : £35,000+
- Bedrooms: 0
Description
• New lease from 25 October 2024
• Rent £4,700 pa
• Potential development site STP
A detached retail investment opportunity, comprising a former betting office which is fully let to a local occupier, providing a strong rental return for purchasers.
The single storey building has a pitched roof, with the internal accommodation measuring 306 Sq Ft ( Sq M).
In addition, the property benefits from a generous plot, with land to the rear of the building. This may provide potential for extension or development, subject to planning.
Terms
The property is freehold and let by way of a 7 year full repairing and insuring lease to a private individual from 25th October 2024 expiring October 2031, with a tenant break option at the third anniversary. The current rent is £4,700 pa.
The property therefore offers a competitive gross yield of 13.4% based on the guide price.
See legal pack for further details.
EPC
Property exempt.
VAT
The property is not registered 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
Delves Lane is located in a residential location to the south of Consett, a town located in the heart of County Durham and with excellent links to both Newcastle and Durham City.
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.
Loading the bidding panel...
Vendors Solicitor
Agreement Documents
Legal Documents
Log in to view legal documentsAdditional Documents
Share
By setting a proxy bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up to your proxy bid amount. If you are outbid, you will be notified via email so you can opt to increase your bid if you so choose.
If two of more users place identical bids, the bid that was placed first takes precedence, and this includes proxy bids.
Another bidder placed an automatic proxy bid greater or equal to the bid you have just placed. You will need to bid again to stand a chance of winning.