Retail premises for sale

83-85 & 85A, Newbottle Sreet, Houghton Le Spring DH4

The property is situated on Newbottle Street, the principal shopping street in Houghton le Spring, which is located approximately 9 miles northeast of Durham and 7 miles southwest of Sunderland, with good road links via the A182 and A690 to the A1(M).

Newbottle Street forms the town's main retailing pitch, with nearby occupiers including Iceland, B&M, Heron Foods, Lidl, Subway, Greggs, Superdrug, Domino's and Houghton-le-Spring Jobcentre, together with Houghton Sports & Wellness Centre close by. Lidl have a large free car park with 90min stay adjacent.

The investment comprises two separate single-storey lock-up retail units on Newbottle Street:

83-85 Newbottle Street: A semi-detached, part-rendered/part-brick building beneath a pitched slate roof, arranged as a hot food takeaway (Royal Pizza & Kebab) with a further shop unit (iTech Phone Shop) occupied under a permitted sub-letting of part with roller shutter frontage.

85a Newbottle Street: A self-contained single-storey rendered unit, arranged as a beauty salon (trading as Gloss Nails Nail & Spa). The pitched slate roof has recently been replaced and all render repainted.
Covenant

Both units are let to sole traders/individuals rather than corporate covenants. No trading accounts or credit information have been provided by the tenants, and interested parties are advised to make their own covenant enquiries prior to submitting an offer.
Rates

Each tenant is responsible for its own business rates liability. Current Rateable values are below £12,000 rv allowing most occupiers to benefit from Small Business Rates Relief.
Interested parties should verify current assessments with the Valuation Local Rating Authority.
Legal fees

Each party is to be responsible for their own legal fees incurred with any transaction.
VAT

No VAT is charged on this sale.
Energy performance certificates

EPCs 83 E123; 85: E116 85: B34.

Copies will be made available for inspection prior to exchange.
Money laundering

In accordance with the Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.
Capital allowances

To be confirmed.
Price

Offers £225,000 exclusive Reflecting a net initial yield of 9.26% allowing for purchases costs at 2.03%; and a reversion to 10.04% November 2028.

Accommodation:
Unit 83: 219.00 sqft
Unit 85: 644.00 sqft
Unit 85a: 748.00 sqft
Total: 1,611.00 sqft