Offers in region of
£425,000
Property for sale27 Cheapside, Spennymoor, County Durham DL16
About this property
Freehold mixed-use investment with 8.75 % yield
Ground floor let Coral unit with new concept refurbishment
Two refurbished one-bedroom flats producing strong income
Attractive £37200 total annual rental income
Secure 15-year Coral lease from August 2024
Prime high street position in central Spennymoor
Offers in the region of £425,000
Ref I345
Location
The property enjoys a strong high street position in the heart of Spennymoor, directly opposite Wetherspoons and only a short distance from major national retailers including Aldi, Iceland, Home Bargains and Asda. This prominent location benefits from consistent pedestrian flow and excellent visibility for the Coral betting shop.
Spennymoor offers strong transport connectivity via the A167 and A688, providing quick access to Durham, Bishop Auckland and the A1(M), with regular bus services further enhancing accessibility. This well-connected and amenity-rich position supports both the retail tenant and the two residential flats above, making it a reliable mixed-use investment.
Description
A semi-detached, two-storey mixed-use property comprising a ground floor retail unit and two self-contained first-floor apartments. The ground floor extends to approximately 2,000 sq. Ft. And is fully let to Coral, a major national betting operator. The unit has recently undergone a full refurbishment in line with Coral’s new concept-store design, incorporating the latest technology and contemporary finishes.
The first floor provides two one-bedroom flats, each of which has been recently refurbished to a high standard and is currently producing strong rental income. To the rear of the property, there are several small outbuildings suitable for storage.
Ground floor - Tenant, Coral betting shop - Rent £24,000 per annum - Lease details, 15 years from 13th August 2024, break at year 10 (Fri 5 year reviews)
First floor - 2 x 1 bedroom flats - Rent £13,200 per annum - Lease details, ASTs
Net Income £37,200 per annum
Yield
Total rental income: £37,200 per annum, reflecting an attractive yield of 8.75 %
EPC Ratings
27 Cheapside - D
27a Cheapside - D
27b Cheapside – D
Tenure
Freehold
Price
Offers in the region of £425,000
Viewing Arrangements
Strictly by appointment through this office.
Mortgage calculator
£2,126 per month
70+ lenders and 10,000+ products
In partnership with
The monthly repayments provided are estimates and should be used as a guide only. The actual amount you can borrow will depend on your personal financial situation and subject to a full application. For a more precise estimate, please use the Mojo mortgage calculator. Your home or property may be repossessed if you do not keep up repayments on your mortgage.
.png){kind=logo}