Retail premises for sale in Cambridge Street, Spennymoor DL16

Location

Spennymoor is a County Durham town, positioned between the City of Durham (6 miles) and Bishop Auckland (5 miles).

The property occupies a prominent roadside position on the corner of Cambridge Street and Wesleyan Road. This is part of the town that has evolved from its historical roots as a residential area, characterised by its many terraced houses into a key retail and leisure hub for the town.

The A688 is located less than 0.2 miles to the south, meaning that the property also benefits from excellent access to the A167 and Junction 61 of the A1(M). Public transport links are also excellent with over a dozen routes stopping very close to Cambridge Street every day.

Neighbouring occupiers include Lidl, Farmfoods, Frank's the Flooring, Durham Constabulary and Durham County Council who operate the recently refurbished Spennymoor Leisure Centre.

Description

The original building is a three-storey structure plus basement. Over the years, our client has added several single-storey extensions to meet the operational needs of their business. The property is of traditional brick, block, and stone construction, all under multiple pitched slate tile roofs.

Internally, the ground and first floors have primarily been used as showroom and retail space, while the second floor has served as an office and meeting room. Kitchen and WC facilities are located on the ground floor.

Although most of the plot is developed and the property does not currently offer private parking, there is on-street parking available and a 122-space Durham County Council car park directly opposite, both of which are free to use.

We feel that the property offers redevelopment potential. Part of the building could be cleared to provide private parking and / or loading areas to meet the requirements of an owner-occupier or tenant. Additionally, the property could be subdivided to create a multi-let retail or mixed-use block. Of course, all subject to planning approval.

Accommodation

Ground Floor: 357.29 sq m (3,846 sq ft)
First Floor: 182.46 sq m (1,964 sq ft)
Second Floor: (Attic) 11.80 sq m (127 sq ft)
Basement: 40.04 sq m (431 sq ft)

Total: 591.59 sq m (6,368 sq ft)

Terms

Our client is seeking £350,000 for the benefit of their Freehold interest.

Business rates

Rateable Value : £24,750 (Effective 1st April 2023)
Estimated Rates Payable : £12,350.25

Our estimate has been calculated by applying the appropriate Business Rate Multiplier to the Rateable Value. It is however, important that interested parties confirm the accuracy of this information and the actual rates payable with the Local Authority.

Energy performance

EPC rating 59 C.

VAT

All rents, premiums and purchase prices quoted herein are exclusive of VAT. All offers are to be made to Graham S Hall upon this basis and where silent, offers will be deemed net of VAT

Legal costs

Each party to be responsible for their own costs incurred in this transaction.

Anti-money laundering regulations

In accordance with anti-money laundering regulations, two forms of identification and confirmation of the source of funding will be required from the purchaser.

Viewing & further information

For general enquiries and viewing arrangements please contact Sole Agents: Graham S Hall Chartered Surveyors.