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37 Dovecot Street, Stockton on Tees, TS18 1LH

Auction
United Kingdom
Mixed Use
Commercial

*GUIDE PRICE £600,000

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Phone
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Email
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Property Summary

  • Freehold mixed use investment
  • Includes a nightclub, two shops and 9 flats
  • Town centre location
  • Fully let producing £61,312 per annum

Contact Us

Simon Bailey
Simon Bailey
Property Agent, here to help.

Contact Us

Simon Bailey
Simon Bailey
Property Agent, here to help.

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Tenure

Freehold

Property description

A prominent corner building of traditional construction beneath a pitched roof. The building is arranged as a basement nightclub, which has undergone a number of refurbishments and has traded for over 35 years. The ground floor is divided in to two retail units, one being a hair salon and the other trading as a cafe. The first floor is arranged as four apartments with a further five apartments on the second floor. There is a pay and display car park adjacent to the property that offers free parking for the first hour.

Location

The market town of Stockton-on-Tees lies within County Durham about 10 miles east of Darlington and 21 miles south east of Durham. It can be accessed via the A66(M) and A19 with the former providing access to the A1(M) to the west. Stockton railway station provides regional rail services and Teesside International Airport lies about 8 miles to the south west. The town has recently benefitted from a £65m regeneration of the High Street, which is the widest in the UK. 

Dovecot Street runs west off High Street with the property commanding a prominent corner position at its junction with Prince Regent Street and next door to Domino's Pizza.

VAT

VAT is applicable to this sale, please refer to the legal documents for further details.

Accommodation

Tenure

Freehold

Planning

Stockton-on-Tees Borough Council (01642 526022) http://www.developmentmanagement.stockton.gov.uk

Tenancy Schedule

AddressFloorAccommodationSizeTenancyRentPA
TOTAL    £61,312
37BasementNight Club148.64 sq m (1,600 sq ft)Let to Alison Barra Ltd for 25 years from 26/07/2021 (1)£12,000 (2)
37/Unit 2GroundRetail - Hair Salon64.66 sq m (696 sq ft)Let to Bowe & King for 6 years from 01/02/2019 (3)£12,000 (4)
37/Unit 2GroundRetail - Cafe83.33 sq m (897 sq ft)Let to Leatherdale & Irving for 7 years from 17/02/2020 (5)£12,000 (6)
37FirstResidentialFour 1 bedroom flatsLet to Stockton Flats for 7 years from 01/08/2016 (7)£11,250 (8)
37SecondResidentialFive 1 bedroom flatsLet to Stockton Flats for 7 years from 01/08/2016 (7)£14,062 (8)

(1) (2) The basement has traded as a night club for over 35 years. 5 yearly rent reviews
(3) (4) Tenant's break clause & rent review on 01/02/2022. Traded as a hair salon for 15 years
(5) (6) Tenant's break option in 2022 & 2026. Traded as a cafe for 15 years. Rent review on 01/04/2025
(7) The tenant is well established in the Teesside area with over 40 years experience of owning and letting residential property. This is the second tenancy that the tenant has taken
(8) Rent review on 01/08/2021

Planning

Stockton-on-Tees Borough Council (01642 526022) http://www.developmentmanagement.stockton.gov.uk


*Terms & 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.

  1. The reserve price is the minimum price at which the property can be sold at auction.
  2. 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.
  3. 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).
  4. 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.
  5. 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.
  6. Please note that Lots may be sold or withdrawn prior to auction.
  7. All lots sold “Subject to Vendor Confirmation” will be subject to the acceptance and confirmation by the Vendor. The highest bid will be presented to Vendor, the vendor will have to either accept, decline or make a counter offer the highest bid within the confirmation period. Should the Vendor decide to make a counteroffer, then a private link will be sent to the Highest Bidder advising the offer the Vendor is willing to accept. The Highest Bidder will have to either accept or reject the Vendor’s counteroffer. The Vendor reserves the ultimate right, apart from the auctioneer, to accept and to decline to sell to the highest or any bidder, without giving any reasons.
  8. No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of BidX1 or the seller in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the seller. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the seller. All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller.
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