FOR SALE
TOWN CENTRE COMMERCIAL INVESTMENT
An opportunity to acquire a fully let property in the town centre let to three tenants, one
of which is offering an excellent covenant. An attractive lot size of interest to both private
and larger investors.
32/34 TUBWELL ROW, DARLINGTON, DL1 1NU
PROMINANT CORNER POSITION
CLOSE TO NEW FEETHAMS LEISURE DEVELOPMENT
ADJACENT TO THE CORNMILL CENTRE
PRODUCING £30,800 PAX FROM MAY 2017
LOCATION:
Darlington is a large market town in County Durham of circa
100,000 people and has a wider catchment population of
approximately 275,000 people.
The premises occupy a prominent position in the town centre at
the junction of Tubwell Row and Crown Street in an area
providing a mixture of bars, local and multiple traders, the market
hall and close to the Town Hall.
ACCOMMODATION:
32 TUBWELL ROW
Ground floor shop/office,
rear room and toilet
First floor office, mess room,
kitchen, male and female toilets
Second floor four separate offices
and store
27.4m²
(295 sq ft)
95.7m²
(1,030 sq ft)
74.9m²
(806 sq ft)
198.0m²
(2,131 sq ft)
Ground floor lock up shop - sales area
Rear ancillary and toilet
71.7m²
22.8m²
(772 sq ft)
(310 sq ft)
TOTAL FLOOR AREA
94.5m²
(1,082 sq ft)
Shop with good size sales, workroom
and rear stores with toilet
First floor –open plan storage
122.3m²
122.3m²
(1,316 sq ft)
(1,316 sq ft)
TOTAL FLOOR AREA
244.6m²
(2,632 sq ft)
TOTAL FLOOR AREA
33 TUBWELL ROW
34 TUBWELL ROW
All measurements are approximate
LEASE:
32 TUBWELL ROW
Let to Arriva Durham County Ltd for a term of 15 years from 4 May
2007 with reviews and breaks at 5 and 10 years at a current rent
of £11,000 pax payable quarterly in advance.
33 TUBWELL ROW
Let to Tubwell Mini Market Ltd with personal guarantor on an
Annual Tenancy from 1 January 2017 at £9,000 pax payable
monthly in advance rising to £9,600 pax in Year 2 then £10,200
pax exclusive from Year 3.
34 TUBWELL ROW
Let to Lets Go Logo Ltd with surety for a term 5 years from 1 May
2016 at £7,500 pax rising to £10,800 pax in Year 2 and £15,000 pax
from Year 3 payable monthly in advance
TOTAL INCOME
£30,800 pax rising to £36,200 pax in 2018
COVENANT
STRENGTH:
32 TUBWELL ROW
Arriva Durham County Ltd is part of Arriva PLC Group providing
excellent covenant strength and due to the proximity of the main
bus stops the premises are used as a welfare centre for bus staff
as well as administration.
33 TUBWELL ROW
Tubwell Mini Market is a local business trading as an Eastern
European continental food store having taken over the original
business which started in 2014.
34 TUBWELL ROW
Lets Go Logo Ltd is a local trader who commenced trading some
years ago in Darlington who deals with designed printed clothing
and merchandise.
VAT:
The property has not been elected to tax and therefore VAT will
not be applicable but prospective purchasers should clarify this
information.
PROPOSAL:
Guide £369,950 subject to contract for the properties and subject
to the existing Leases/tenancies in place at point of sale.
This should provide a gross return 8.33% and on reversion in 2018
approximately 9.4%.
E.P.C:
32 TUBWELL ROW:
33 TUBWELL ROW:
34 TUBWELL ROW:
Band F
Band C
Band G
Further details available on request.
VIEWING:
Strictly by appointment through this office,
Tel:
0113 243 2432
Web Site:
www.mawsons-surveyors.co.uk
Email:
[email protected]
APRIL 2017
LOCATION