Retail property (high street) for sale

Leven Road, Norton, Stockton-on-Tees, Durham, TS20 1DF

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0191 392 0913

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Retail property (high street)

0 bed

0 bath

4,921 sq ft / 457 sq m

Property description & features

Tenure: Freehold
Mixed use investment property
2x commercial units to ground floor
3x self-contained flats above
Annual income £55,200 when fully let
Popular location
Freehold title

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)

Rooms

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).

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Places of interest

Pattinson - Commercial

2 Hill Street, Gateshead Tyne and Wear NE8 2AS

0191 392 0913

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Pattinson Estate Agency is an award-winning family-run business that was Launched in 1977 on Independence Day. This is no coincidence, as independence is central to our company ethos. We are the most recognised estate agency in the North East, and in that time we have grown from 1 office to 28, with 300 members of staff, and we officially sell more properties in the North East, than any other estate agency. However, we don’t just sell houses! Our many property services include sales, lettings (property management), auction, commercial, financial services, conveyance and surveys, and we have it all under one roof! We can be contacted 6 days a week at extended hours, as we have a dedicated Regional Team who take the overspill calls from our 28 branches, so all client relationships are built and maintained. At Pattinsons, we are innovative leaders in the property industry, with pro-active selling, a reliable reputation, and substantial repeat business. Our national secure sale department, ‘Pattinson Auction’, was launched 33 years ago, and is going from strength to strength. As serious players in the field of digital marketing, we successfully utilise the social media platforms TikTok, Facebook and Instagram as part of our extensive marketing process. We have a wealth of knowledge and an expansive network to help find the best solution for you and your property requirements. You can trust Pattinsons, the North East’s leading estate agency.

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