72 North Road, Durham, DH1
Freehold £475,000

 

LOCATION
The historic city of Durham is the economic and cultural centre of County Durham, located approximately 18 miles south of Newcastle and 14 miles southwest of Sunderland. Durham benefits from excellent road communications being located in close proximity to the A690 and the A1M, connecting the city to the national motorway network. The city is on the main East Coast rail line from London to Edinburgh.

Durham has a resident population of 50,400 people and a catchment of approximately 120,000, which is boosted substantially by tourists and students. The city’s cathedral and castle are designated by UNESCO as a World Heritage Site, helping attract 4.4 million visitors in 2023.

SITUATION

The property is situated towards the eastern end of North Road, in a strong retailing position close to ‘The Riverwalk’ and Framwellgate Bridge. Surrounding occupiers include Tesco Express, Sainsbury’s Local, Iceland, Greggs, Subway, and Coral.

DESCRIPTION
A mid-terraced, two-storey building of traditional construction with brick elevations and render finish, under a pitched slate tile roof. The property is not listed.

The ground floor lock-up shop comprises an open-plan sales area to the front, with ancillary storage, WC, and kitchen facilities to the rear. The unit is well presented throughout.

Part of the property was converted to residential approximately seven years ago and is accessed separately via Reform Place. The apartment comprises a large kitchen/living area, bathroom, and two bedrooms on the first floor, with one en-suite bedroom on the ground floor.

ACCOMMODATION
Ground Floor Retail - 48 sq m (517 sq ft) 
3 Bedroom Apartment - 85 sq m (915 sq ft)
Total - 133 sq m (1,432 sq ft)

TENANCIES
The ground floor is let to Vape With Us Durham Ltd, who renewed their lease on 8th November 2023 for a term of six years (no breaks) on an EFRI basis. The passing rent is £15,000 pax.

The apartment is let to three Durham University students by way of an AST from 1st July 2024 to 30th June 2025 (365 days). The annual rent is £27,531.42, equating to £176.00 per person per week. Internet is included within the rent, but the tenants are responsible for their own utilities.

The total rent receivable is £42,531.42 pax.

COVENANT
Vape With Us Durham Ltd has a Creditsafe rating of 72 – Very Low Risk. They performed well throughout the original five-year term. Additionally, the vendor holds a rent deposit of approximately £3,000, and the lease is further secured by a personal guarantee from the director of the tenant company.

ENERGY PERFORMANCE
Ground Floor Commercial: EPC Rating of B (46)
Apartment: EPC Rating of E (83)

VAT
All rents, premiums, and purchase prices quoted are exclusive of VAT. All offers are to be made to Graham S Hall on this basis and, where silent, offers will be deemed net of VAT.

LEGAL COSTS
Each party is to be responsible for their own costs incurred in this transaction.

ANTI-MONEY LAUNDERING REGULATIONS

In accordance with anti-money laundering regulations, two forms of identification and confirmation of the source of funding will be required from the purchaser/tenant.

PROPOSAL

We are seeking offers in the region of £475,000 (Four Hundred and Seventy-Five Thousand Pounds), subject to contract and exclusive of VAT. This will reflect an initial yield of 8.56% after purchase costs of 4.59%.

VIEWING & FURTHER INFORMATION
Copies of leases, title, EPC, and floorplan are available upon request.

For general enquiries and viewing arrangements, please contact Sole Agents Graham S Hall Chartered Surveyors.