The mixed investment property on Front Street in Chester-le-Street, includes two shops, an office, and a barber’s salon, all of which are fully let.
The property is being sold by Carter Commercial, and boasts a gross annual income of £23,500 with a net initial yield of 13.5 per cent.
Situated in the heart of Chester-le-Street, the premises are surrounded by an array of occupiers, including Costa, Vodafone, Boyes, and Cooplands, along with various local businesses.
Located approximately eight miles north of Durham, 12 miles west of Sunderland, and 12 miles south of Newcastle, the town has transport links via the A167, A690, A1(M) and A19.
The property, which is of traditional brick construction with a pitched slate tile roof, consists of two ground-floor shops, an office, and a barber salon on the first floor.
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Each unit is independently serviced for utilities, and the first floor is separately accessed from Front Street, sharing WC facilities.
According to the estate agents, the first shop comprises an open plan sales area, internally refurbished to provide a basic ‘developers white box’, incorporating plaster finish and a suspended ceiling with integrated lighting.
The second shop also features an open-plan sales area, with a suspended ceiling, integrated LED lighting, and electrically operated heating and cooling.
The first floor accommodates an office and a barber salon, both of which are currently let.
It is freehold, and the total rent per annum from the tenants amounts to £23,500.
Rateable values for the property, effective from April 1, 2023, are as follows: £11,750 for the first and second shops, £2,500 for the barber salon, and £1,700 for the office.
The energy performance certificates for the property range from C-62 to C-75.
The estate agents have advised that VAT is not applicable to the purchase price.