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55 Newgate Street
Bishop Auckland
County Durham
DL14 7EW

Freehold Retail Investment

Recently renewed lease to Salvation Army Trading Company Ltd
10 year lease renewal from July 2020 (subject to option)
Prominent position on Newgate Street
Nearby retailers include Heron Foods, Holland & Barrett, Boots the Chemist, Savers, Vodafone and Poundland

Lot
33
Auction
28/Oct/2020
Rent
£7,000 per Annum Exclusive
Status
Available
Price*
Contact Us
Sector
High Street Retail
Auction Venue
Live Streamed Auction
On Behalf of Trustees

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Photos
Map

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

Property Information

Location

Miles: 10 miles south of Durham; 11 miles north-west of Darlington
Roads: A68, A688, A1(M)
Rail: Bishop Auckland
Air: Newcastle Airport

Situation

Bishop Auckland is a market town approximately 10 miles south of Durham. The property is situated on the east side of Newgate Street, opposite its junction to Great Gates, and just a short walk to Newgate Shopping Centre. Nearby retailers on Newgate Street include Heron Foods, Holland & Barrett, Boots the Chemist, Savers, Vodafone and Poundland.

Tenure

Freehold.

Description

The property comprises a two storey building arranged as a ground floor shop with ancillary accommodation on the first floor.

VAT

VAT is applicable to this lot.

Note

Please note the buyer will pay 1.5% VAT of the purchase price towards the Vendor's costs in addition to the cost of the searches. Please see Special Conditions of Sale.

Completion Period

Six Week Completion

EPC

Band C. See legal pack at www.acuitus.co.uk.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review
Ground First	Retail Ancillary	104.60 sq m 43.70 sq m	(1,126 sq ft) (470 sq ft)	SALVATION ARMY TRADING COMPANY LIMITED (1)	10 years from 26/07/2020 until 25/07/2030 (2) on a full repairing and insuring lease	£7,000 (3)	26/07/2025
Total		148.30 sq m	(1,596 sq ft)			£7,000

(1) For the year ending 31st March 2019, Salvation Army Trading Company Limited reported a total turnover of £54,317,884, pre-tax profits of £6,753,953 and shareholders funds of £17,291,528 (source: SmartSearch 29/09/2020).
(2) The lease is subject to a tenant option to determine on 26/07/2025.
(3) Under the terms of the lease, the tenant is paying half rent from the start of the lease until 25/01/2021. The Vendor has agreed to adjust the completion monies, so that the property effectively produces £7,000 pa from completion until the fixed rental uplift in January 2021.

If you are the successful bidder, Acuitus requires a separate payment of £1,000 inclusive of VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Due to the current restrictions in movement throughout the UK, the property may not have been inspected by Acuitus. Some photographs may not be current and these will be dated where this is the case. Plans showing nearby occupiers and mention of nearby occupiers may reflect a dated situation as some tenants are not currently in occupation. Floor areas and accommodation details are likely to have been obtained from VOA.Gov.UK and the Vendor.