Newgate Street & Westgate Road, Bishop Auckland, DL14 7EQ

Property Summary

This mixed-use commercial and residential site is to be offered for sale by PROPERTY SOLVERS ONLINE UNCONDITIONAL AUCTION (28-DAY IMMEDIATE EXCHANGE) with a GUIDE PRICE of £155,000.

Auction bidding opens on Wednesday 16th February at 12:00 pm and closes on Tuesday 22nd February at 12:00 pm.

Location

Excellent opportunity to acquire this mixed-use commercial and residential property, located in a prime location of Bishop Auckland. Situated within a busy area of the high street, with several large retailers, a well-established cafe plus Santander and Halifax in close proximity; its location offers high levels of passing footfall to the commercial unit.

The three one-bedroom flats above are accessed via Westgate Street at the rear. One is currently let with an AST in place and evidence of regular and full rental payments available; two are currently sold with vacant possession (however there have been enquires made to the current owner regarding letting these).

The two vacant flats have recently undergone redecoration including new carpets and are in move-in condition.

With a combined healthy yield, this is an opportunity not to be missed.

Description / Overview - Commercial Unit

Currently, let on a 5-year lease to a local charity, and in good, clean, tidy order this property offers the perfect opportunity for someone wishing to purchase a unit that is delivering a regular income.

The main business space of this property features a split-level sales floor with 3 steps leading from the main front sales area up to the secondary level at the rear of the unit. At the back is a storage/stock room area along with WC/ancillary.

Property Particulars (Internal)

Gross Frontage 18' 6" / 5.6m

Internal width (average) 18' 5" / 5.6m

Gront floor sales area (front) 1,453 sq ft / 135 sq m

Grond floor sales area (rear) 828 sq ft / 76.9 sqm

Rear storage     736 sq ft / 68.4 sqm

WC/Ancillary (tbc)

Description / Overview - Residential flats

Above the commercial unit are two two-bed flats and a one-bedroom flat. One is currently let with an AST in place and evidence of regular and full rental payments available.

The other two flats are currently vacant, however, the current owner has had interest expressed from private rental tenants regarding letting these.

Access to the flats is via Westgate Road which runs parallel to Newgate Street; this gives a great degree of privacy to the residents than accessing via the main high street.

Each flat hosts a lounge, kitchen, bedroom, and bathroom and have been well maintained, with the two vacant ones undergoing redecoration in the last month (including new carpets).

Property Particulars (Internal)

Flat one = 58 sqm

Flat two = 52 sqm

Flat three = 63 sqm

More Information

Our enquiry line is open 24/7 and we're happy to answer any questions.

Auction terms + conditions, AML requirements and fees are available on our website [Google: Property Solvers > Property Auctions (in navigation) > Auction Property for Sale (drop-down)].

The legal pack (including rental confirmations) will be uploaded in good time prior to the auction bidding process.

Viewings

Viewings are available 7 days a week.

All viewers must observe our COVID-19 Viewing Policy (available on the listing).

Notice to Bidders

Please be aware that if your bid is successful on auction day, the exchange of contracts will happen immediately after the Auction. A 10% deposit will be required.

As part of the Property Solvers Online Auction process, bidders will be required to register online and provide proof of ID documents (passport and photo driving license).  For a full list of requirements please see the legal pack documents.

Buyer Reservation Fee

A 2% + VAT (non-refundable) fee (subject to a minimum fee level of £2,000 + VAT) and a £125 + VAT processing fee will be due from the winning bidder.