Teesside's Premier Commercial Agency

Shopping Centre Investment

  • O.I.R.O £2,450,000
Middle St, Consett DH8, UK
  • Invest & Develop, Retail Premises
  • Property Type
  • £21,500
  • Rateable Value
  • £249,736
  • Rental Income
  • A1
  • Approved Use
  • 0.85
  • acres

Shopping Centre Investment

Middle St, Consett DH8, UK
  • O.I.R.O £2,450,000

Overview

Property ID: PBE-4403
  • Invest & Develop, Retail Premises
  • Property Type
  • £21,500
  • Rateable Value
  • £249,736
  • Rental Income
  • A1
  • Approved Use
  • 0.85
  • acres

Description

Consett is a former mining town situated within County Durham with an estimated district population of over 85,000 persons. The town is situated approximately 25km (16 miles) to the south west of Newcastle upon Tyne, 22km (14 miles) to the west of Durham and 38km (24 miles) to the north west of Bishop Auckland.

The town benefits from excellent road, rail and air communications with the A691 providing access to Durham and Junction 62 of the A1(M) (15 miles) to the south east. These motorway links provide convenient access to Newcastle International Airport.

Consett bus station is located to the rear of the shopping centre on the corner of Victoria Road and Trafalgar Street, benefiting from regular services to Newcastle and Durham

SITUATION

The property is located on Middle Street which is the prime pedestrianised retailing core of Consett Town Centre. Middle Street contains a number of national occupiers such as Superdrug, Greggs the Bakers, together with the major banks and a number of local operators.

The principal entrance into the Centre is accessed directly from Middle Street, while a secondary entrance is located to the rear which fronts directly onto the town’s main bus station.

DESCRIPTION

The property was constructed in 1980 and was extensively refurbished in 1999. The Centre comprises 19 retail units, with 3 units fronting directly onto the pedestrianised Middle Street. There is one first floor office to the rear of the shopping centre.

The property is of brick construction with a glazed roof over the internal mall area. The retail units have typical retail glazed frontages throughout and are fitted out to the tenant’s requirements. The common areas of the mall are used by stall operators and provide an attractive shopping environment.

The majority of the units are arranged over ground floor level only, however, the Select Retail, W Boyes & Co Limited and the vacant unit fronting Middle Street all have additional storage
accommodation on the first floor.

Total Rent Income currently exceeds £244,736 per annum
please note Boyes have a rent increase on 2/4/2021of £5,000 taking the total rent of the centre to £249,736

*Tenancy Information is available on requesst

  • Address The Derwent Centre, Middle Street, Consett
  • Zip/Postal Code DH8 5SD

Details

Updated on December 29, 2020 at 4:24 pm
  • Property ID: PBE-4403
  • Price: O.I.R.O £2,450,000
  • Property Size: 0.85 acres
  • Rateable Value: £21,500
  • Rental Income: £249,736
  • Approved Use: A1
  • Property Type: Invest & Develop, Retail Premises
  • Property Status: For Sale

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