Investment for sale - 31 Newgate Street, Bishop Auckland

The property comprises a high yielding retail investment opportunity occupying a prominent corner pitch on a popular, high footfall, street. Arranged across ground and first floors, the property provides 14,285 sq ft (1,327 sq m) of accommodation and is fully let to a private individual on a five year lease expiring 20.03.2030 and paying £40,000 per annum. The lease includes a fixed uplift to £55,000 in 2028. The current contracted rent is £35,000 per annum, but the vendor will "top up" the rent to £40,000 per annum from completion until 21.03.2027, when the fixed uplifts within the lease align with this rent. The property occupies a prominent corner pitch fronting Newgate Street, the principal retail street within Bishop Auckland and benefitting from high footfall. Neighbouring occupiers include Holland & Barret, Timpson, Vodafone, Santander, Admiral, Greggs, Halifax and many other independent shops restaurants and bars can be found nearby.