Lot
    Retail Property (high street)
    13 Hope Street
    Crook, County Durham, DL15 9HS
    £175,000+
    Guide Price (plus fees)
    Number 1
    A Ground Floor Double Fronted Retail Unit and First Floor Office Space Let to Farplace Animal Rescue Producing £25,000 Per Annum (Reflecting a Gross Initial Yield of 14.3%).

    Description

    The property comprises a mid terrace building arranged to provide a ground floor retail unit and first floor office space.

    Tenure

    Freehold

    Location

    The property is situated on a residential road close to local shops and amenities. The open spaces of Glenholme Skate Park are within easy reach. Transport links are provided by the A689.

    Accommodation

    Ground Floor
    Retail Unit
    Storage Space
    Office Space
    WC
    G.I.A. Approximately 150 sq m

    First Floor
    Office Space
    Storage Space
    WC
    G.I.A. Approximately 188 sq m

    Tenancy

    The property is let to Farplace Animal Rescue Limited on an FRI lease for a term of 7 years commencing 1st May 2025 at a rent of £25,000 per annum. Upwards only rent review May 2028 and mutual break clause May 2030.

    The tenant has an option to purchase the property for the higher of £225,000 or market value after 1st May 2030 until lease expiry.

    Joint Agent

    Joint Agent

    Financial Tools

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    Gross yield

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    Annual income

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    Purchase Price£175,000
    Monthly Rent£0
    Annual Costs£0

    For illustration only. Seek independent financial advice before making decisions.

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    Administration charge: £1,800 including VAT unless otherwise stated in the addendum.

    Buyers Premium and Disbursements: Please see the legal pack and the addendum for any disbursements and buyers premium that may be payable by the purchaser on completion.

    Guide Prices are provided as an indication of each seller’s minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve ( a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

    Particulars including images and video tours on the website and within the catalogue are believed to be correct but their accuracy is not guaranteed. The auctioneers will always endeavour to inform prospective purchasers of variations to the catalogue, when such changes are brought to their attention. The auctioneers nor their clients can be held responsible for any losses, damages, or abortive costs incurred in respect of lots that are withdrawn or sold prior to auction. Viewings are carried out by third party agents and we will endeavour to give appropriate notice should the published viewing time change. Auction House London will not be liable for any costs or losses incurred due to viewing cancellations or no shows. Information relating to Rating matters has been obtained by verbal enquiry only. Prospective purchasers are advised to make their own enquiries of the appropriate authorities. Prospective purchasers are deemed to verify for themselves whether tenanted properties are occupied and rents are being paid. All measurements, areas and distances are approximate only. Potential buyers are advised to check them. No representation or warranty is made in respect to the structure of any properties nor in relation to their state of repair. Prospective buyers should arrange for a survey of the particular lot by a professionally qualified person.

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