29 Galgate Barnard Castle County Durham DL12 8EJ

29 Galgate
Barnard Castle
County Durham
DL12 8EJ

Grade II Listed Freehold Retail Investment

Let to Mackays Stores Limited (t/a M&Co) on a new 10 year lease (1)
Prominent town centre location with two separate customer entrances
VAT-free Investment
Opposite Morrisons and a public car park
M&Co in occupation since 2006

Lot
12
Auction
11th July 2018
Rent
£58,000 per Annum Exclusive
Status
Sold
Price
£650,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On the Instructions of M&Co.

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Grade II Listed Freehold Retail Investment

Let to Mackays Stores Limited (t/a M&Co) on a new 10 year lease (1)
Prominent town centre location with two separate customer entrances
VAT-free Investment
Opposite Morrisons and a public car park
M&Co in occupation since 2006

Lot 12
Auction 11th July 2018
Rent £58,000 per Annum Exclusive
Status Sold
Price £650,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On the Instructions of M&Co.

Property Information

Location

Miles: 15 miles west of Darlington; 28 miles west of Middlesbrough; 35 miles east of Penrith
Roads: A66, A67, A688
Air: Newcastle City Airport

Situation

The market town of Barnard Castle in County Durham is located 15 miles west of Darlington, 28 miles west of Middlesbrough and 35 miles east of Penrith. The property is located in the town centre on Galgate, close to its junction with King Street, opposite Morrisons and a public car park. There is further car parking on Galgate. Occupiers close by include Morrisons, Post Office and Newcastle Building Society, amongst a number of local traders.

Tenure

Freehold.

Location

Miles: 15 miles west of Darlington; 28 miles west of Middlesbrough; 35 miles east of Penrith
Roads: A66, A67, A688
Air: Newcastle City Airport

Situation

Tenure

Freehold.

Description

This Grade II listed property comprises a ground floor shop together with part first floor storage and staff accommodation. Part of the first floor is a void flat and currently not used. The property benefits from two separate customer entrances – Galgate and opposite Morrisons.

VAT

VAT is not applicable to this lot.

Completion Period

Six week completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is not applicable to this lot.

Completion Period

Six week completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review
Ground First Part First Part (Flat)	Retail Ancillary Void	508 sq m 192 sq m	(5,468 sq ft) (2,066 sq ft)	MACKAYS STORES LIMITED t/a M&Co (2)	10 years from completion on a full repairing and insuring lease subject to a schedule of condition (1)	£58,000	2023
Total		700 sq m	(7,534 sq ft)			£58,000

(1) Tenant’s option to determine in the fifth year.
(2) For the year ended 24th February 2017, Mackays Stores Limited reported a turnover of £165,611,000, pre-tax profits of £1,100,000 and a total net worth of £36,441,000 (Source: Experian Group 12/06/2018). Mackays Stores Limited is one of the largest privately owned fashion retailers in the UK. Since inception in the 1960s, M&Co now trades from over 300 stores nationwide with a further 22 stores overseas.