Retail premises for sale

Retail Units 1-6, 38-48, Canterbury Road, Newton Hall, Durham DH1

Situated in Canterbury Road approximately 3 miles North East of Durham City centre in a predominantly residential area. The parade primary serves the immediate residential catchment.
Investment summary

Freehold
●Local retail parade of six single-storey shop units in an established residential area of Newton Hall, Durham
●100% occupancy
●Total floor area of approximately 533.5 m2 (5,743 sq ft) gia
●Total current income £73,000 per annum, rising to £75,000 per annum through fixed rental increases in years 4 and 5 of the new Unit 6 lease (agreed and in legals)
●Offers in the region of £760,000 (Seven Hundred and Sixty Thousand Pounds) exclusive, subject to contract, reflecting a capital value of £132.34 per sq ft
●Net initial yield of 9.11% allowing for standard purchaser's costs at 5.42%, with a reversionary yield of 9.36% on the Unit 6 year 5 rent

The premises comprises of a single-storey property under a flat roof. The property is serviced at the rear from a shared car park which has been resurfaced and is owned by Durham County Council.
Demise

Outlined Red Line is the freehold Title for sale. Green shaded is the pubs ownership. Durham County Council Pink area (carpark & access Road) is made up to Adoptable Standards. Day to day the council maintain the grass verges and the trees.
Planning

The property is currently E class use under the Use Classes Order. It could be suitable for a variety of uses in the future, subject to planning.
Legal fees

Each party is to be responsible for their own legal fees incurred with any transaction.
VAT

Any references to price, premium or rent are deemed to be exclusive of Value Added Tax unless expressly stated otherwise and any offer received will be deemed to be exclusive of VAT.
Energy performance certificate

The Energy Performance Asset Rating is being assessed. A full copy of the EPC will be available for inspection.
Price

Offers in the region of £760,000 (Seven Hundred and Sixty Thousand Pounds) exclusive, subject to contract, reflecting a net initial yield of 9.11% allowing for standard purchaser's costs at 5.42%, and a reversionary yield of 9.36% on the Unit 6 year 5 rent.
Money laundering

In accordance with the Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.

Accommodation:
Retail: 5,743.00 sqft