Lot 35 - 5-5a North View Terrace, Colliery Row, Houghton Le Spring, Tyne and Wear, DH4 5NN
- Unconditional Online Auction Sale
- Guide Price* : £60,000
- Bedrooms: 2
- Bathrooms: 1
- Reception Rooms: 1
Freehold mixed-use development opportunity
Description
- Freehold mixed-use development opportunity
- Vacant ground floor retail unit
- Self-contained 2 bed maisonette above
- Separate garage with income potential
- Opportunity to convert to full residential
- Excellent investment and development opportunity
Bradley Hall is pleased to offer for sale by auction this freehold mixed use development opportunity, comprising a ground floor retail unit, a self contained two-bedroom maisonette and a separate garage.
The property is situated within an established mixed-use area serving the local residential population. The surrounding area comprises a range of independent retailers, service providers and residential properties, generating regular footfall and occupier demand.
The property benefits from good connectivity to the wider County Durham area, with Houghton-le-Spring town centre located a short distance away and convenient access to the A690, providing links to Durham, Sunderland and the A1(M). The location is well positioned for both residential and commercial occupiers, with a range of local amenities, schools and public transport services available nearby.
The ground floor unit is available with vacant possession providing purchasers with the opportunity for owner occupation or investment. The property benefits from planning permission for the conversion of the commercial unit and storage into a two-bedroom flat. Further details available under application reference 24/01718/FUL.
The upper floors comprise a self contained two-bedroom maisonette, while the garage offers scope for separate rental income or ancillary storage.
The property is likely to appeal to investors and developers seeking a scheme with a number of potential outcomes. Subject to the necessary consents, purchasers may consider retaining the existing mixed-use arrangement, implementing the approved residential conversion or a title split opportunity.
Accommodation
5 - Ground floor retail - 47sqm
5a - Maisonette - 97sqm
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.
The site is situated within a sustainable location near Leyburn’s amenities and residential areas which enhances its prospects.
Council Tax Band
A
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
Loading the bidding panel...
Office Contact
Agreement Documents
Related Documents
Make an Enquiry
Submit an enquiry and someone will be in contact shortly.
Share
By setting a proxy bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up to your proxy bid amount. If you are outbid, you will be notified via email so you can opt to increase your bid if you so choose.
If two of more users place identical bids, the bid that was placed first takes precedence, and this includes proxy bids.
Another bidder placed an automatic proxy bid greater or equal to the bid you have just placed. You will need to bid again to stand a chance of winning.