Retail premises for sale in Leven Road, Norton, Stockton-On-Tees TS20

Summary

For Sale Freehold Investment/ Development Opportunity 675,000

Detached building providing mixed use accommodation with an income of 55,200 per annum (when the 2 vacant flats are occupied).

The ground floor units are leased to established businesses that have been in occupation for in excess of 10 years and provide retail services to the local area. The convenience store houses the only post office in the Norton area and as such provides essential services to the surrounding area.

The upper floors provide spacious residential accommodation in the form of 3 flats.
64A and 64B have a shared ground floor entrance and with current vacant possession would lend themselves to further development (subject to local planning permission)
66A is tenanted on a standard assured shorthold tenancy achieving a rent of 450 pcm.

The Ground Floor Shop (Spar) 64 Leven Road is leased to North East Convenience Stores Ltd on a 15 year Fri lease which commenced on November 2011 with a passing rent of 26,400 per annum.

The Ground Floor (Takeaway) 66 Leven Road is let on a 15 year Fri lease which commenced on 1st September 2019 with a passing rent of 9600 per Annum.

The first floor apartments are accessed with separate entrances and comprise of 3 spacious apartments.
66A 1 bed flat 450 pcm (tenancy proceeding)
64A 2 bed flat 550 pcm (vacant)
64B 3 bed flat. 600 pcm (vacant)

Location

The subject property is excellently located on Leven Road, a large road which runs through Stockton-on-Tees, County Durham. The surrounding area is an established mixed commercial and residential area, with plenty of other businesses and amenities nearby. The property is close to great transport links, being just opposite a bus stop and only a short distance from Stockton train station.

Tenure

Freehold. Title number CE92497

Rateable Value

The current rateable value is 21,750 (1 April 2023 to present).

Sourced from voa.

EPC

Available Upon Request (Rating D).

Additional Information

For further information please contact our office direct on , or alternatively via e-mail on . With regards to viewing the subject property, this is to be done strictly by appointment through Keith Pattinson Commercial department. Please contact us to arrange an internal inspection, or to register your interest.