Property description
An excellent investment opportunity to acquire a ground floor commercial premises currently occupied by an established tenant wishing to remain, achieving a current rental income of £460 PCM (£5,520 per annum).
The property forms part of a mixed-use investment with the self-contained two bedroom first floor flat above also tenanted and currently achieving £495 PCM (£5,940 per annum), giving a combined rental income of approximately £955 PCM (£11,460 per annum). The owner's preference is to sell both properties together to the same investor with a combined asking price of £95,000.
The commercial premises extends to approximately 53.4 sq.m overall and comprises a front retail/shop area of approximately 21.48 sq.m, a large rear room of approximately 25.14 sq.m, together with a small kitchen/utility area and WC. The premises benefits from an electric security shutter, mains electric supply and electric hot water heater.
The property is believed to be freehold, although buyers should seek confirmation from their solicitor. Business rates apply and the property has an EPC Rating C (54).
Please note the self-contained two bedroom first floor flat above (310 Old Durham Road) is also available for sale separately, although the owner's preference is to sell both properties together to the same investor if possible.
This should appeal to landlords and investors seeking an income producing commercial/residential asset with tenants in situ.
The property has a Class 1 use, the current tenant has been trading successfully for many years and wishes to remain as a tenant. Currently paying £460 PCM on a full repairing and insuring lease (FRI). With an overall area of 53.4 sq.m comprise a front shop with electric security shutter, a rear auxiliary store room, kitchen/utility area and a WC with shared use of the rear yard.
FRONT SHOP 14' 6" x 15' 11" (4.42m x 4.86m) Electric security shutter, glazed entrance door with matching windows, laminate flooring, suspended ceiling, telephone point and a door to the rear stock room/ancillary area.
STOCK ROOM/ANCILLARY AREA. 15' 1" x 19' 3" (4.61m x 5.88m) Laminate flooring, telephone point, suspended ceiling and an opening to the kitchen area.
KITCHEN AREA 4' 5" x 7' 1" (1.35m x 2.16m) Fitted with wall and base units, laminate worktop, tiled splash-back, stainless steel sink with electric water heater over, laminate flooring, rear exit door with security shutter to rear shared yard. Doorway to utility and a door to the WC.
UTILITY/STORAGE 6' 0" x 3' 3" (1.83m x 1.00m) Laminate worktop, laminate flooring.
WC 6' 0" x 3' 4" (1.83m x 1.03m) WC, laminate flooring.
TO THE REAR There is a large self-contained yard to the rear which is shared between the commercial premises and the residential flat.
HEATING The commercial premises is warmed by plug-in radiators.
BUSINESS RATES The commercial premises falls within the Small Business Rates Relief thresholds
TENURE 308 Old Durham Road is listed as having a freehold tenure.
UTILITIES The residential flat is connected with a mains gas, water and electricity supply and is connected to the mains drainage. The commercial property has a mains electricity supply and is connected to the mains drainage.
BROADBAND SPEEDS AVAILABLE According to Ofcom the following broadband speeds are available. We would recommend contacting a supplier to get the most accurate and up to date data.
Broadband (estimated speeds)
Basic (ADSL) 7mb
Superfast (FTTC) 48mb
Ultrafast (FTTP) 1800mb
Overall (Maximum) 1800mb
MOBILE PHONE COVERAGE According to Ofcom based on customers' experience in the DH9 area, below shows the chance of being able to stream video, make a video call, or quickly download a webpage with images to your phone when you have coverage. It's the likelihood of you being able to get this performance within the postal district depending on the network you are using. Performance scores should be considered as a guide since there can be local variations.
This shows the percentage of measurements across your postal district over the last 12 months that can successfully stream video or make a video call if they have coverage.
O2 (85%), Vodaphone (79%), Three (77%), EE (75%)
VIEWINGS There is a 360 degree tour available on our website and the portals. To arrange a viewing please contact the office. Strictly by appointment.
MAKING AN OFFER Please note that all offers will require financial verification including mortgage agreement in principle, proof of deposit funds, proof of available cash and full chain details including selling agents and solicitors down the chain. Under New Money Laundering Regulations we require proof of identification from all buyers before acceptance letters are sent and solicitors can be instructed.
MORTGAGE ADVICE We would recommend consulting with a financial advisor on the options available due to the nature of mixed usage and separate titles as to the viability of acquiring lending.
AGENTS NOTE Whilst we endeavour to make our particulars accurate and reliable, they should not be relied on as a statement or representations of fact, and do not constitute any part of an offer or contract. The owner does not make or give, nor do we or our employees have authority to make or give any representation or warranty in relation to the property. We have not checked or tested any appliances mentioned (including heating systems or electrical fittings) therefore working order cannot be confirmed. All measurements are given to the nearest 5cm.
Floor area : 53.40 sq m
