Fully Occupied Freehold Retail Investment

Key Features

• Consett is a thriving Co. Durham town, c. 12 miles from Newcastle and 13 miles from Durham.
• Situated on Medomsley Road, a key town thoroughfare with high passing traffic and footfall.
• Well-presented terrace comprising three self-contained retail units, arranged over one and two storeys.
• VAT free investment, fully occupied with total income of £32,400 pa.
• The leases provide an average unexpired term of c. 7 years (4.9 years to break), ensuring steady income with minimal short-term risk.
• Attractive NIY of 10.45% (after standard costs of 3.30%).

Location

Consett, a vibrant market town in County Durham, boasts a population of approximately 29,885 as of the 2021 Census. Situated about 12 miles from Newcastle upon Tyne and 13 miles from Durham, at the junction of the A691/A692, both of which provide the link to the A1(M).

The town has seen significant residential growth, with ongoing and proposed developments from Miller Homes, Persimmon, and Amethyst Homes. We understand Miller Homes has planning for 388 homes north of Delves Lane, while Persimmon has approval for 170 homes east of Knitsley Lane. Amethyst Homes continues to build at Regents Park (off Genesis Way) and has applied for further housing.

Description

The property comprises a terrace of three self-contained commercial units of traditional brick construction under a pitched tiled roof. The exterior is predominantly rendered, with some sections featuring exposed brickwork around the shopfronts. Each unit benefits from rear access/escape routes, with a gated rear yard serving No. 66-68.

The building is in very good order, having undergone a significant refurbishment when our client purchased it approximately 12 years ago. Until more recently, the majority of the block was owner-occupied by our client, who operated their accountancy firm from the premises until retirement. As a result, the property has been exceptionally well maintained.

The two end units (No. 66 and 70) are arranged over two floors, with their first floors currently utilised as increased customer-facing areas, including additional showroom/retail space or treatment rooms. However, additional entrances could be installed with relative ease if required, allowing for the upper parts to become self-contained offices, another commercial use, or converted to residential in the future, if the properties were vacated.

Available area

The accommodation comprises the following areas:

Tenancy Information

The property is entirely let to three tenants, providing a total rent roll of £32,400 per annum. A full tenancy schedule is available to qualified purchasers upon request.

Proposal

We are instructed to seek offers in the region of £300,000 (Three Hundred Thousand Pounds). A purchase at this level reflects a NIY of 10.45% after standard purchaser’s costs of 3.30%.

Situation

The subject property occupies a prominent position on Medomsley Road, benefiting from high volumes of passing traffic and footfall. It forms part of an established commercial parade, home to a mix of independent businesses alongside national and regional operators. Surrounding occupiers include Ramsdens, Westway Vets, Domino’s Pizza, Iceland, Euronics, and Pattinson Estate Agents, contributing to a diverse retail and service offering in the area.

VAT

All rents, premiums and purchase prices quoted herein are exclusive of VAT. All offers are to be made to us on this basis and where silent, offers will be deemed net of 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 purchaser / tenant.