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Lot 22

Freehold Restaurant Investment – Gross Yield 11.9%
6 week completion

SITUATION

Occupying a prominent trading position in the centre of the town which includes a Ladbrokes and Post Office as well as host of local traders.
Shildon is located just off the A6072 and is approx. 2½ miles south-east of Bishop Auckland and 7 miles from Junction 60 of the A1(M)

PROPERTY

A mid terrace building comprising a Ground Floor Restaurant with internal access to Ancillary Store on the first floor.

ACCOMMODATION¹

Ground Floor Restaurant (Approx. 30 covers)
Gross Frontage	14'3"
Built Depth	48'9"
Area	Approx. 696 sq ft
First Floor Ancillary
Area	Approx. 314 sq ft
WC

Total Area	Approx. 1,010 sq ft

¹Not inspected by Barnett Ross. Areas taken from VOA.

VAT is NOT applicable to this Lot

FREEHOLD

TENANCY

The entire property is let on a repairing and insuring Law Society lease to M. H. Sadek as an Indian Restaurant for a term of 5 years from 19th April 2021 (see Note) at a current rent of £4,740 per annum exclusive.

Note: The property has traded as an Indian Restaurant since 2017.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

26 Church Street, Shildon, County Durham DL4 1DX