Retail premises for sale

Front Street, Stanley DH9

Investment Consideration:
Gross Initial Yield: 10.50% + vacant office
Rental Income: £15,750 p.a.
Erv: £23,750 p.a. Giy: 15.83%
VAT is applicable to this property
Comprises 2 ground floor retail shops and self-contained office at first floor
Includes retail shop and residential flat at No.34/34A which has been sold-off
Development potential to create 3 residential flats, subject to obtaining consents
Nearby occupiers include Boots, Betfred, The Original Factory and many more.

Property Description:
The property comprises 2 ground floor retail shops t/a Nail Salon & Charity Shop and vacant self-contained office accommodation at first floor with development potential. The property includes Retail shop at No.34 and residential Flat No.34A, both of which have been sold-off on long leasehold. The property provides the following accommodation and dimensions:
Ground Floor
No 30: Retail Shop 82.7 sq m (890 sq ft)
Open plan retail, storage, kitchen, wc
No 32: Retail Shop 92.9 sq m (1,000 sq ft)
Open plan retail, storage, kitchen, wc
First Floor
No 28A: Vacant Office 162.7 sq m (1,751 sq ft)
Ground/First Floor
No.34 & 34A: Retail shop & Flat: Sold-off
Total Retail gia: 175.6 sq m (1,890 sq ft)
Total Office gia: 162.7 sq m (1,751 sq ft)

Development Potential:
Permitted development potential to create
3 x 1-bed flats, one of the flats to be accessed from Front Street, while the remaining 2 would be accessed from the rear Clifford Road.
Proposed First Floor
Flat 1: Approx. 50 sq m (538 sq ft)
Open plan kitchen/living, bedroom, bathroom
Flat 2: Approx. 43 sq m (463 sq ft)
Open plan kitchen/living, bedroom, bathroom
Flat 3: Approx. 47 sq m (506 sq ft)
Open plan kitchen/living, bedroom, bathroom
Proposed gia: Approx. 140 sq m (1,507 sq ft)

Sizes are approximate and shown for reference only. The plans are illustrative and any works would be subject to the buyer obtaining the necessary consents.

Tenancy:
Office No.28a is at present vacant and provides residential development potential. Erv: £7,500 p.a.
Shop No.30 is at present let to an Individual t/a Nail Salon for a term of 10 Years from 3rd March 2022 at a current rent of £8,250 p.a. And the lease contains full repairing and insuring covenants. Rent review linked to rpi on 03.03.27. Tenant option to determine on 03.03.27.
Shop No.32 is at present let to pact House t/a Charty Shop for a term of 3 Years from 22nd September 2024 at a current rent of £7,500 p.a. And the lease contains full repairing and insuring covenants. Tenant break option in 2025 not exercised.
Shop No.34 and Flat No.34A have been sold off on long leasehold for a term of 250 Years from 19th May 2017 at a ground rent of peppercorn. Reversion 2267.

Location:
The premises are located on Front Street, the main pedestrianised retail street within Stanley. Stanley is approximately 15 miles south of Newcastle upon Tyne, 12 miles north of Durham, and 6 miles west of Chester-le-Street. Road communications are good, being located on the A693 with the A(M) motorway some 6 miles to the east. Nearby occupiers include Boots, Betfred, The Original Factory and many more.