Lot 3 - 33 Front Street, Leadgate, Consett, County Durham, DH8 7SB

  • Unconditional Online Auction Sale
  • Guide Price* : £50,000+
  • Bedrooms: 0

Description

• New five year lease to Ladbrokes Betting and Gaming Ltd
• Rebased rent of £8,200pa
• Guide price represents potential gross yield of 16.4%

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 fantastic gross yield of 16.4%, 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
Grace Robinson
Vendors Solicitor
Victoria Walton
0191 375 5065

* 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.

IMPORTANT: Cheffins would like to inform prospective purchasers that these sales particulars have been prepared as a general guide only. A detailed survey has not been carried out, nor the services, appliances or fittings tested. Room sizes should not be relied upon for furnishing purposes and are approximate. If floor plans are included, they are for guidance and illustration purposes only and may not be to scale. Images may have been digitally edited for illustration purposes. If there are any important matters likely to affect your decision to buy, please contact us before viewing the property.

The Reserve price will remain confidential between the seller and the auctioneer.

Fees: The guide price excludes any additional fees that the purchaser may incur, to include, but not limited to, Buyers Contract fee, Stamp Duty Land Tax, VAT, legal and search fees etc. Please refer to relevant Auction Legal Packs for details.

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Vendors Solicitor

Grace Robinson

Vendors Solicitor

Victoria Walton
0191 375 5065

Agreement Documents

Additional Documents

Make an Enquiry

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