Lot 8 - 6 Church Street, Consett, County Durham, DH8 5QA

INVESTMENT FOR SALE

Description

LOCATION
The subject property is located on Church St, Consett, which is situated in the town centre. The A691 and A692 and situated in close proximity to the property, the former connecting Consett with Durham and the latter providing a direct connection to Newcastle and the A1(M) in the north.

DESCRIPTION
The subject property comprises of a brick-built, mixed-use property with three commercial units to the ground floor and 5 flats to the first floor. The ground floor units are currently occupied by Cash Converters, a barber shop and a deli. There is off street parking opposite the property.

ACCOMMODATION
We calculate the approximate net/gross internal floor areas to be as follows:

Commercial Units
Unit 1 44.37 m² 478 ft²
Unit 2 189.10 m² 2,036 ft²
Unit 3 46.58 m² 501 ft²

Residential Units
Flat 1 60.00 m² 646 ft²
Flat 2 49.00 m² 527 ft²
Flat 3 58.00 m² 624 ft²
Flat 4 40.00 m² 431 ft²
Flat 5 63.00 m² 678 ft²

Total 551.23 m² 5,934 ft²

EPC RATING

Flat 1 D
Flat 2 D
Flat 3 D
Flat 4 D
Flat 5 E
Unit 1 B
Unit 2 B
Unit 3 B

RATING ASSESSMENT
Description RV Estimated Rates Payable
Hairdressing Salon & Premises £6,100 £3,043.90
Shop & Premises £15,000 £7,485.00
Shop & Premises £6,600 £3,293.40

TENANCY SCHEDULE

Commercial Units Rent (Per Annum)
Unit 1 £9,997
Unit 2 £15,520
Unit 3 £19,864

Residential Units Rent (Per Annum) Rent (Per Month)
Flat 1 £4,400 £370.00
Flat 2 £4,800 £400.00
Flat 3 £4,368 £364.00
Flat 4 £3,768 £314.00
Flat 5 £3,996 £333.00

Total £56,753

ADDITIONAL TERMS
1. This lot is for sale subject to unconditional auction terms.
2. If the reserve price is met or exceeded, contracts will exchange with immediate effect upon the close of the auction.
3. Following exchange of contracts, parties have 28 days in which to complete the purchase (unless specified otherwise in the special conditions).
4. A non-refundable deposit of 5% is payable within 1 hour of the auction closing.
5. The winning bidder is to make payment to the auctioneer a reservation fee of 6% including VAT subject to a minimum of £6,000 including VAT. The reservation fee is payable in addition to the purchase price and is payable within 1 hour of the auction closing.
6. An administration charge of £714 including VAT is payable by the successful buyer within 1 hour of the auction closing.
7. A legal pack has been provided by the seller’s solicitor and is available to download. We strongly recommend reviewing this thoroughly and discussing any queries with your solicitor prior to bidding.
8. I acknowledge that the seller may accept my bid at any time prior to the scheduled auction end date.