Commercial Property
A freehold investment opportunity located along the Medomsley Road comprising 5 commercial units in a row offering a low risk high yield investment.
The upper floors are split into two further lettable spaces. To the right hand side is a gym along with vacant space above the left of the building which could potentially be let for an additional circa 900pcm.
Total Gross income is £35,640pa.
The accommodation comprises:
29 Medomsley Road: Let to Ruby Tuesday Ladies Boutique. Occupied since 2014 with rent passing £600pcm and 3 years unexpired term.
31 Medomsley Road: Let to MSA Convenience Store Ltd (Rohan Mini Market). Occupied since July 2023 with 6 years unexpired term with rent passing £600pcm.
31A Medomsley Road: Upper Floor Fitness Studio. Occupied since October 2021 with 10 years unexpired term with rent passing £600pcm.
33 Medomsley Road: Jula Crafts Ltd. Occupied since May 2017 with 7 years unexpired term. Rent passing £600pcm.
35 Medomsley Road: Hair With Natalie. Occupied since March 2019 with 3 years unexpired term. Rent passing £570pcm.
33A Medomsley Road: Upper floor. Vacant Possession. Requires Refurbishment.
Interested parties are advised to inspect the legal pack for more information.
The subject property occupies a prominent position on Medomsley Road which benefits from high volumes of passing traffic and footfall. Surrounding occupiers include Papa Johns, Ramsdens, Westway Vets, Dominos Pizza and Iceland. Consett is a market town situated 14 miles southwest of Newcastle upon Tyne and 13 miles northwest of Durham City at the junction of the A691/A692, both of which provide the link to the A1(M). Consett is home to over 37,000 people, growing to 68,000 people within a 30-minute drive.
Please be advised that the auctioneers have not personally inspected the property. Prospective buyers are advised to make a viewing enquiry and any other necessary independent enquiries before placing their bid, as this will be binding.
Freehold. Subject to tenancy.
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. Properties located in Scotland will be subject to applicable Scottish law.
Auction Deposit and Fees
The following deposits and non- refundable auctioneers fees apply:
• 5% deposit (subject to a minimum of £5,000)
• Buyers 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 Buyers Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.
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 (and any applicable Home Report for residential Scottish properties).
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.
