- Leasehold ground rent and retail investment
- Complete terrace of 6 units
- Net rent received £20,759 per annum
- Asset management opportunities
Two leasehold interests:
(a) A lease dated 29 October 2003 for 125 years from 29 October 2003 at a yearly ground rent of £1,500 pa
(b) A lease dated 23 April 2012 for 125 years (less 10 days) from 29 October 2003 at the yearly ground rent of £1 pa.
Consett is a town in north-west County Durham, about 14 miles south-west of Newcastle upon Tyne. The property is located north of the town centre on the west side of Medomsley Road, between Green Street and Bath Lane.
A parade of 6 two storey units forming a local parade. The property is of traditional construction under a pitched slate covered roof. 3 tenancies are ground rents, with 3 tenancies held on traditional commercial leases - see legal pack. Measurements obtained from www.VOA.Gov.uk confirm the floor areas of No.88A to be 22.61 sq m (243 sq ft), No.88 as 33.4 sq m (360 sq ft) and No.90 as 37.84 sq m (407 sq ft).
Durham County Council (0300 0262830) www.durham.gov.uk
Please refer to Legal Documents
|Address||Accommodation||Tenancy||Rent per annum|
|TOTAL|| || ||£22,260|
|80 Medomsley Road||Shop and upper parts||Let to P A Corrigan for 125 years from 29/10/2003||£500|
|82 Medomsley Road||Shop and upper parts||Let to P A Corrigan for 125 years from 29/10/2003||£500|
|84-86 Medomsley Road||Shop and upper parts||Let to Nos 2 Limited for 125 years from 29/10/2003||£1,500|
|88 Medomsley Road||Ground floor shop||Let to M Cambell T/A DH Vapes for 10 years from 18/03/2020||£6,240|
|88a Medomsley Road||First floor shop||Let to D R Walsh T/A Hairdressers for 10 years from 20/04/2020||£6,760|
|90 Medomsley Road||Ground floor shop||Let to D N Allan (*1) T/A Tricktraxx Record Store for 5 years from 18/08/2016||£6,760|
(*1) on assignment from S M Lightfoot
*Terms and Conditions
Buyers are strongly advised to read these terms and conditions, and check the Special Conditions and any applicable Addendum, prior to bidding on a Lot. Additional costs, charges and encumbrances may apply for Buyers once they have made a successful bid in relation to a property.
- The reserve price is the minimum price at which the property can be sold at auction.
- Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller may be prepared to sell on the date on which the guide price, or range of prices, is published. The sale price, whether prior to or at the auction, can be above or below the guide price depending upon market activity. BidX1 and the seller accept no responsibility for any losses, costs or damages incurred by a buyer as a result of relying on any guide price. The buyer must decide how much they should bid for any Lot. All guide prices are quoted subject to contract. Guide prices given by BidX1 or the seller cannot be accepted by the buyer as being a professional valuation for any purpose in accordance with the requirements or guidance notes of relevant professional bodies or other authorities.
- Both the guide price and the reserve price may be subject to change up to and including the day of the auction. Whilst every effort is made to ensure that these guides are not misleading, it is possible that the reserve price set for any Lot may exceed the previously quoted guide price (as the seller may fix the final reserve price just before bidding commences).
- The guide price for the Lot does not include the administration fee of £1,250 (inclusive of VAT) charged by BidX1. In the case of a joint agent this administration fee will be £2,400 (inclusive of VAT). In addition, the guide price does not include VAT on the sale price, or any additional costs, charges or encumbrances that might apply to some Lots and/or some buyers. The Special Conditions of Sale of the seller, and any applicable Addendum, will state if there are other costs, charges or encumbrances and whether the seller has elected to charge VAT on the sale price.
- To participate in the sale BidX1 must hold a minimum amount from all bidders. This participation amount and administration fee is fully refundable in the event that you are not the successful purchaser. For example, a participation fee of £4,750 comprises £3,500 relating to your bidder security (partial deposit payment) and an administration fee payable directly to BidX1. A higher participation amount may be payable depending on the reserve price of the Lot.
- Please note that Lots may be sold or withdrawn prior to auction.
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