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Catchgate Investment Updated 4 2 19.Pptx FOR SALE RETAIL INVESTMENT North Road, Annfield Plain, Catchgate DH9 8EF sw.co.uk Location Catchgate is a former miner village in County Durham located some 5 miles to the east of Consett and 3 miles west of Stanley. The town benefits from easy access to the A697 further connecting to the A1(M). The retail units are located on North Road heavily surrounded by residential dwellings and local retailers. Description Unit 1 comprises an open plan retail unit with A1 use class and rear storage space and currently let to Tesco One Stop. Unit 2 is vacant. Both units have shared service yard for deliveries and parking. Covenant One Stop Stores Limited is a wholly owned subsidiary of Tesco PLC. It was acquired by Tesco to strengthen their position in the convenience sector. They have a CreditSafe score of 79/100 and shareholder funds of £294.5m, increasing by £20m in the last year. Lease Details Income £28,000 pa Asking price: £350,000 Tesco One Stop are held under a lease for a term of 15 years from February 2017 at a passing rent of £20,000 per annum. Full lease details are available upon request. The tenant has an option Total area: 3,905 sq ft to break on the 10th anniversary of the lease. Subject to Contract The Landlord will provide a 12 month rental guarantee of £8,000 per annum on the vacant unit. Asking Price We are instructed to seek offers in the region of £350,000, subject to contract, reflecting a net initial yield of 7.71% taking into account purchasers costs at 3.8%. North Road, Annfield Plain, Catchgate DH9 8EF Accommodation The premise provides the following approximate areas:- Description Sq m Sq ft Unit 1 (One Stop) 260 2,800 Unit 2 (Vacant) 103 1,105 Legal Costs For further information please contact the Agents: Each party to be responsible for their own legal costs incurred in any transaction. EPC Kevin McGorie Unit 1 - The property has an Energy Performance rating of Band C (68). 0191 269 0174 Unit 2 - The property has an Energy Performance rating of Band D (94). [email protected] Rates Charlotte Marshall We understand from the Local Council that the rateable value of the subject property will need to be reassessed upon occupation. 0191 269 0132 Interested parties should verify the accuracy of this information and rates payable with the Local Rating [email protected] Authority (Durham County Council). Money Laundering Sanderson Weatherall 22-24 Grey Street Newcastle upon Tyne In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the NE1 6AD source of funding will be required from the successful purchaser. Misrepresentation Act 1967: Messrs Sanderson Weatherall LLP for itself and for the vendor(s) or lessor(s) of this property whose agents they are, give notice that: 1) These particulars do not constitute any part of an offer or contract; 2) None of the statements contained in these particulars as to the properties are to be relied on as statements of representations of fact; 3) Any intending purchasers must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars; 4) The vendor(s) or lessor(s) do not make or give and neither Messrs Sanderson Weatherall LLP nor any person in their employment has any authority to make or give any representation or warranty whatsoever in relation to this property; 5) None of the building’s services or service installations (whether these be the specific responsibility of the freeholder, lessor or lessee) have been tested and are not warranted to be in working order. Finance Act 1989: Unless otherwise stated all prices and rents are quoted exclusive of VAT. Consumer Protection from Unfair Trading Regulations 2008 and Business Protection from Misleading Marketing Regulations 2008; Every reasonable effort has been made by Sanderson Weatherall to ensure accuracy and to check the facts contained in these particulars are complete. Interested parties are strongly advised to take appropriate steps to verify by independent inspection or enquiry all information for themselves and to take appropriate professional advice. Sanderson Weatherall LLP Registered in England company number OC 344 770 Registered Office 6th floor, Central Square, 29 Wellington Street, Leeds, LS1 4DL February 2019 sw.co.uk.
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