Retail premises for sale in Newbottle Street, Houghton Le Spring DH4

Location
The property is prominently situated in the best spot on Newbottle Street within the centre of Houghton le Spring close to a number of occupiers including Superdrug, Lloyds Bank, Greggs, Iceland and Ladbrokes.

Description
End Terraced 2 Storey Building of traditional construction with return frontage to Wheler Street.
The property comprises a retail unit occupied as an Amusement Arcade.

Accommodation
The property briefly comprises as follows:-

Accommodation ft2 m2
Ground Floor
Retail Shop 582 54.07

First Floor
Storage 620 57.60

Basement
Storage 198 18.39

Tenure
We are advised the property is Freehold.

Tenancy Details
The property is let to Luxury Leisure trading as Admiral Casino at an annual rental of £15,400 for a term of 10 years from 21st July 2024 on Tenant Fri terms with 5 yearly Rent Reviews. The tenant has an option to break the lease at the 5th year.

Luxury Leisure were established in the 1970s and operate over 275 sites under various brands. Latest 2022 figures show turnover at over £111m and pre tax profits of over £15mil. They have a Creditsafe rating of 99/100 – Very Low Risk.

Asking Price
£225,000 (two hundred and twenty five thousand pounds)

VAT

We are advised the property is not elected for VAT

Costs
Each party will be responsible for their own Legal Fees incurred in the transaction.

Viewing
Contact – Marc Weaver or Alexa Reavley

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• Rateable Value (rv)
The Valuation Office has confirmed the current Rateable Value is £14,000. The Uniform Business Rate for the Rates Year 2024/2025 is 49.9p. If necessary, a written request should be made to the Local Authority for confirmation.

Money Laundering Regulations
In accordance with Anti –Money Laundering Regulations, the Purchaser/Tenant will be required to provide 2 forms of identification together with confirmation of the source of funding.

Disclaimer
None of the equipment or systems within the premises have been tested by the Agent and it is the responsibility of the Purchaser/Lessee to ensure that they are in working order.

Ref
C4263

EPC

Awaiting information