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
  • 55 Newgate Street<br>Bishop Auckland<br>County Durham<br>DL14 7EW
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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

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReview
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.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    13.10.20
    File Size
    18 MB
    Login to View
  • Catalogue Page
    Updated Date
    07.10.20
    File Size
    5 MB
    View PDF
  • Site Plan
    Updated Date
    07.10.20
    File Size
    839 KB
    View PDF
  • Common Auction conditions
    Updated Date
    01.07.20
    File Size
    277 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    07.10.20
    File Size
    1,016 KB
    View PDF
  • Customer Due Dilligence Form
    Updated Date
    20.05.20
    File Size
    585 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
George GoucherGeorge Goucher +44 (0)20 7034 4860george.goucher@acuitus.co.uk
Seller's Solicitors
Structadene Group 9 White Lion Street
London
N1 9PD
James Thomson 0207 843 9196james.t@pearl-coutts.co.uk

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