Commercial Property in Consett
29-35 Medomsley Road, Consett, County Durham DH8 5HE
- Property Type: Commercial Property
- Contract Type: Unconditional with Variable Fee
Guide Price* £275,000+ plus fees
Property Description
A freehold investment opportunity located along the Medomsley Road comprising 5 commercial units in a row offering a low risk high yield investment. The upper floors are split into two further lettable spaces. To the right hand side is a gym along with vacant space above the left of the building which could potentially be let for an additional circa 900pcm. Total Gross income is £35,640pa. The accommodation comprises: 29 Medomsley Road: Let to Ruby Tuesday Ladies Boutique. Occupied since 2014 with rent passing £600pcm and 3 years unexpired term. 31 Medomsley Road: Let to MSA Convenience Store Ltd (Rohan Mini Market). Occupied since July 2023 with 6 years unexpired term with rent passing £600pcm. 31A Medomsley Road: Upper Floor Fitness Studio. Occupied since October 2021 with 10 years unexpired term with rent passing £600pcm. 33 Medomsley Road: Jula Crafts Ltd. Occupied since May 2017 with 7 years unexpired term. Rent passing £600pcm. 35 Medomsley Road: Hair With Natalie. Occupied since March 2019 with 3 years unexpired term. Rent passing £570pcm. 33A Medomsley Road: Upper floor. Vacant Possession. Requires Refurbishment. Interested parties are advised to inspect the legal pack for more information. The subject property occupies a prominent position on Medomsley Road which benefits from high volumes of passing traffic and footfall. Surrounding occupiers include Papa Johns, Ramsdens, Westway Vets, Dominos Pizza and Iceland. Consett is a market town situated 14 miles southwest of Newcastle upon Tyne and 13 miles northwest of Durham City at the junction of the A691/A692, both of which provide the link to the A1(M). Consett is home to over 37,000 people, growing to 68,000 people within a 30-minute drive.
Note
Please be advised that the auctioneers have not personally inspected the property. Prospective buyers are advised to make a viewing enquiry and any other necessary independent enquiries before placing their bid, as this will be binding.
Tenure
Freehold
- 5% deposit (subject to a minimum of £5,000)
- Buyer’s Fee of 4.8% of the purchase price for properties sold for up to £250,000, or 3.6% of the purchase price for properties sold for over £250,000 (in all cases, subject to a minimum of £6,000 inc. VAT). For worked examples please refer to the Auction Conduct Guide.
Auction Details
Date 30th May 2024
Venue National Property Auction
The National Property Auction will be broadcast live on our website and open to remote bidding online, on the phone and by proxy. Registration for bidding will close at 5pm the day before the auction.
Lot Information
Contact Us
If you have any questions, call our team on 0800 046 5454