Recently renewed lease to Salvation Army Trading Company Ltd
10 year lease renewal from July 2020 (subject to option)
Prominent position on Newgate Street
Nearby retailers include Heron Foods, Holland & Barrett, Boots the Chemist, Savers, Vodafone and Poundland
Lot 33
Auction 28th October 2020
Rent £7,000 per Annum Exclusive
Status Sold Post
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
On Behalf of Trustees
Property Information
Location
Miles
10 miles south of Durham
11 miles north-west of Darlington
Roads
A68, A688, A1(M)
Rail
Bishop Auckland
Air
Newcastle Airport
Situation
Bishop Auckland is a market town approximately 10 miles south of Durham. The property is situated on the east side of Newgate Street, opposite its junction to Great Gates, and just a short walk to Newgate Shopping Centre. Nearby retailers on Newgate Street include Heron Foods, Holland & Barrett, Boots the Chemist, Savers, Vodafone and Poundland.
Tenure
Freehold.
Location
Miles
10 miles south of Durham
11 miles north-west of Darlington
Roads
A68, A688, A1(M)
Rail
Bishop Auckland
Air
Newcastle Airport
Situation
Bishop Auckland is a market town approximately 10 miles south of Durham. The property is situated on the east side of Newgate Street, opposite its junction to Great Gates, and just a short walk to Newgate Shopping Centre. Nearby retailers on Newgate Street include Heron Foods, Holland & Barrett, Boots the Chemist, Savers, Vodafone and Poundland.
Tenure
Freehold.
Description
The property comprises a two storey building arranged as a ground floor shop with ancillary accommodation on the first floor.
VAT
VAT is applicable to this lot.
Note
Please note the buyer will pay 1.5% VAT of the purchase price towards the Vendor's costs in addition to the cost of the searches. Please see Special Conditions of Sale.
Completion Period
Six Week Completion
EPC
Band C. See legal pack at www.acuitus.co.uk.
Description
The property comprises a two storey building arranged as a ground floor shop with ancillary accommodation on the first floor.
VAT
VAT is applicable to this lot.
Note
Please note the buyer will pay 1.5% VAT of the purchase price towards the Vendor's costs in addition to the cost of the searches. Please see Special Conditions of Sale.
Completion Period
Six Week Completion
EPC
Band C. See legal pack at www.acuitus.co.uk.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground First
Retail Ancillary
104.60 sq m 43.70 sq m
(1,126 sq ft) (470 sq ft)
SALVATION ARMY TRADING COMPANY LIMITED (1)
10 years from 26/07/2020 until 25/07/2030 (2) on a full repairing and insuring lease
£7,000 (3)
26/07/2025
Total
148.30 sq m
(1,596 sq ft)
£7,000
(1) For the year ending 31st March 2019, Salvation Army Trading Company Limited reported a total turnover of £54,317,884, pre-tax profits of £6,753,953 and shareholders funds of £17,291,528 (source: SmartSearch 29/09/2020). (2) The lease is subject to a tenant option to determine on 26/07/2025. (3) Under the terms of the lease, the tenant is paying half rent from the start of the lease until 25/01/2021. The Vendor has agreed to adjust the completion monies, so that the property effectively produces £7,000 pa from completion until the fixed rental uplift in January 2021.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
