• Lock-up shop investment opportunity • Let to Hairdressers • New three year lease from June 2024 A retail investment property in the heart of the small village in County Durham. The mid-terraced single storey lock-up shop is currently let and trading as a hairdressers, having previously been occupied as a betting shop. A new three year lease was agreed in June 2024, with a rebased rent of £10,000 per annum. See legal pack for details. The rent represents a strong gross yield of 15.38% at guide price, providing an excellent potential return for investor buyers. The internal accommodation totals 923 Sq Ft (86 Sq M). EPC The property has a rating of C-63. VAT The property is not registered for VAT and therefore VAT is not payable on the purchase. Tenure Freehold subject to lease Viewing Naylors Gavin Black Commercial Agents 0191 2327030 Location Langley Park is a small village in the heart of County Durham on the A691 between Lanchester and Durham. Front Street provides the retails offering to the village. Tenancies The property is available by way of freehold sale, subject to a new three year full repairing and insuring lease at a rent of £10,000 per annum from the 20th June 2024. See legal pack for further details. Auctioneer's Note The successful bidder will pay a buyer’s contract fee on exchange of contracts of: £900 including VAT for purchases upto and including £100,000. £1,500 including VAT for purchases of £101,000 to £300,000. £2,100 including VAT for purchases of £301,000 and above. This fee is only payable by the successful bidder. Legal Packs www.cheffins.co.uk/auctions/property-auctions or Victoria Walton at Swinburn Maddison LLP, First Floor Venture House, Aykley Heads Business Centre, Aykley Heads Business Centre Road, Durham, Durham, DH1 5TS Vendors Solicitor Vendors Solicitor
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