29 Galgate Barnard Castle County Durham DL12 8EJ

29 Galgate
Barnard Castle
County Durham
DL12 8EJ

Grade II Listed Freehold Retail Investment

  • Let to Mackays Stores Limited (t/a M&Co) on a new 10 year lease (1)
  • Prominent town centre location with two separate customer entrances
  • VAT-free Investment
  • Opposite Morrisons and a public car park
  • M&Co in occupation since 2006
  • Lot
    12
  • Auction
    11th July 2018
  • Rent
    £58,000 per Annum Exclusive
  • Status
    Sold
  • Price
    £650,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On the Instructions of M&Co.
Important Update
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

Grade II Listed Freehold Retail Investment

  • Let to Mackays Stores Limited (t/a M&Co) on a new 10 year lease (1)
  • Prominent town centre location with two separate customer entrances
  • VAT-free Investment
  • Opposite Morrisons and a public car park
  • M&Co in occupation since 2006
  • Lot 12
  • Auction 11th July 2018
  • Rent
  • Status Sold
  • Price £650,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On the Instructions of M&Co.

Property Information

Location
Miles
15 miles west of Darlington
28 miles west of Middlesbrough
35 miles east of Penrith
Roads
A66, A67, A688
Air
Newcastle City Airport
Situation

The market town of Barnard Castle in County Durham is located 15 miles west of Darlington, 28 miles west of Middlesbrough and 35 miles east of Penrith. The property is located in the town centre on Galgate, close to its junction with King Street, opposite Morrisons and a public car park. There is further car parking on Galgate. Occupiers close by include Morrisons, Post Office and Newcastle Building Society, amongst a number of local traders.

Tenure

Freehold.

Location
Miles
15 miles west of Darlington
28 miles west of Middlesbrough
35 miles east of Penrith
Roads
A66, A67, A688
Air
Newcastle City Airport
Situation

The market town of Barnard Castle in County Durham is located 15 miles west of Darlington, 28 miles west of Middlesbrough and 35 miles east of Penrith. The property is located in the town centre on Galgate, close to its junction with King Street, opposite Morrisons and a public car park. There is further car parking on Galgate. Occupiers close by include Morrisons, Post Office and Newcastle Building Society, amongst a number of local traders.

Tenure

Freehold.

Description

This Grade II listed property comprises a ground floor shop together with part first floor storage and staff accommodation. Part of the first floor is a void flat and currently not used. The property benefits from two separate customer entrances – Galgate and opposite Morrisons.

VAT

VAT is not applicable to this lot.

Completion Period

Six week completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

This Grade II listed property comprises a ground floor shop together with part first floor storage and staff accommodation. Part of the first floor is a void flat and currently not used. The property benefits from two separate customer entrances – Galgate and opposite Morrisons.

VAT

VAT is not applicable to this lot.

Completion Period

Six week completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor Use Floor Areas (Approx) Tenant Term Rent p.a.x Review
Ground
First Part
First Part (Flat)
Retail
Ancillary
Void
508 sq m
192 sq m
(5,468 sq ft)
(2,066 sq ft)
MACKAYS
STORES
LIMITED
t/a M&Co (2)
10 years from
completion on a full
repairing and
insuring lease
subject to a
schedule of
condition (1)
£58,000 2023
Total
700 sq m
(7,534 sq ft)     £58,000  

(1) Tenant’s option to determine in the fifth year.
(2) For the year ended 24th February 2017, Mackays Stores Limited reported a turnover of £165,611,000, pre-tax profits of £1,100,000 and a total net worth of £36,441,000 (Source: Experian Group 12/06/2018). Mackays Stores Limited is one of the largest privately owned fashion retailers in the UK. Since inception in the 1960s, M&Co now trades from over 300 stores nationwide with a further 22 stores overseas.

Property Documents

  • Catalogue Page
    Updated Date
    18.11.19
    File Size
    798 KB
    View PDF
  • Site Plan
    Updated Date
    18.11.19
    File Size
    2 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Associate Auctioneers
Fawcett Mead 37/38 Margaret Street
London
W1G 0JF
Joe Baio 020 7182 7480 07807 182 7489joe@fawcettmead.co.uk
Seller's Solicitors
Keystone Law 48 Chancery Lane
London
WC2A 1JF
Stephen Kingsley 0203 319 3700stephen.kingsley@keystonelaw.co.uk

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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