Property
110 Front Street, Stanley, Co Durham, DH9 0TY
The property comprises a three-storey sandstone and brick-built building, which has been subdivided into 12 units; ten of which are retail and food businesses on the ground floor, one is a gym that covers the majority of first floor and one treatment and therapy suit that occupies part first and second floors. The roof is pitched and tiled whilst the shop fronts are a mixture of uPVC and traditional timber. All upper floor windows are uPVC and the individual units benefit from roller shutters. Parking is not specifically allocated, however, there is space for roughly 10 vehicles to park at the rear and side of the premises whilst there are 3 free, large public car parks in close proximity.
£88,204 PA |Fully Let Premises| 11.16% NIY
Seeking offers in excess of £750,000, reflecting a net initial yield of 11.16 % assuming purchasers costs of 5.40%
LOCATION
Stanley is a former colliery town conveniently located midway between Durham (9 miles to the south east) and Newcastle (10 miles to the north east). Junction 63 of the A1 (M) motorway is 6 miles to the east, along the A693. Stanley is a market town which benefits from a population of approximately 20,000 people and a district population of approximately 54,000 people.
Stanley has recently seen an influx of new commercial operators including McDonalds and Tool Station whilst new Starbucks, Greggs and Dominos outlets are currently under construction on Agnes Street.
SITUATION
The subject property occupies a prominent position at the end of the pedestrianized Front Street where it meets Co-operative Street. Immediately adjacent to the premises is a new Aldi supermarket to the north and an Asda supermarket to the south. Meanwhile Front Street is home to a mixture of local and national retail and leisure outlets. The A693 roundabout is only 100m from the premises which connects to the A1(M) to the east and the larger town of Consett to the west.
TENANCY SCHEDULE & ACCOMMODATION
A full tenancy schedule with each units rent will be made available to interested parties.
TENURE
The property is held freehold.
PROFESSIONAL COSTS
Each party is to be responsible for their own costs incurred in the transaction.
VAT
The property is not registered for VAT.
ANTI-MONEY LAUNDERING REGULATIONS
In accordance with anti-money laundering regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.
PROPOSAL
We are instructed to seek offers in excess of £750,000 (Seven Hundred and Fifty Thousand Pounds) for our client’s freehold interest, subject to contract .
A sale at £750,000 reflects a net initial yield of 11.06% assuming standard purchasers costs of 5.40%. A sale at this level also reflects a low capital value of just £62 per sq ft
