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Commercial Property
DRAFT DETAILS
Substantial former bank in area of regeneration.
The property is situated on the eastern side of the pedestrian section of Newgate Street, opposite the Newgate Shopping Centre which hosts retailers including Wilko, Greggs, Argos along with other local occupiers including Boots, Peacocks and WH Smith. The building itself consists of a substantial former HSBC bank and is now well suited to developers, investors and owner-occupier with a number of change of use opportunities (subject to planning consents). Prospective buyers are advised to make all necessary independent enquiries prior to placing their bid as this will be binding.
The Conservation Area Grant Scheme has been set up as part of the Bishop Auckland Heritage Action Zone(HAZ) to support the owners of historic properties in the town centre refurbish and redevelop them for business, residential or retail use. Jointly funded by Durham County Council and Historic England, it aims to improve the appearance of the high street but also support new businesses and create and safeguard jobs.
The launch of the fund by Bishop Auckland HAZ follows an economic study, including condition surveys of several empty building, which identified three key areas for investment – Fore Bondgate, Market Place to the Newgate Centre and the area around 80 Newgate and the former Beales department store. Money is available for internal and external refurbishment work, with grants provided for up to 70 percent of the cost of the scheme. Prospective buyers are advised to make all necessary independent enquiries prior to placing their bid as this will be binding.
11 miles south of Durham and 24 miles north-west of Middlesbrough. Road and rail links include A688, A689 and Bishop Auckland Railway Station.
Freehold. Vacant possession upon completion.
Auction Details
The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Variable Fee (England and Wales).
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions’ Buyers Terms.
Auction Deposit and Fees
The following deposits and non- refundable auctioneer’s fees apply:
• 5% deposit (subject to a minimum of £5,000)
• Buyer’s Fee of 4.8% of the purchase price for properties sold for up to £250,000, or 3.6% of the purchase price for properties sold for over £250,000 (in all cases, subject to a minimum of £6,000 inc. VAT). For worked examples please refer to the Auction Conduct Guide.
The Buyer’s Fee does not contribute to the purchase price and will be considered as part of the chargeable consideration for the property in the calculation of stamp duty liability.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.
Additional Information
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions’ home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack.
Guide Price & Reserve Price
Each property sold is subject to a Reserve Price. The Reserve Price will be within + or – 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.
