MIXED USE PREMISE WITH HEAPS OF POTENTIAL! OPEN HOUSE VIEWINGS TBC

A substantial 274 sq m freehold property arranged over three floors, occupying a prominent position in the heart of Consett town centre. The property benefits from strong passing traffic and excellent access to local amenities and transport links, with Consett Bus Station located directly to the rear. The ground floor provides a commercial space which is available with vacant possession and offers an immediate opportunity for occupation or letting. Based on its size and location, the ground floor is estimated to achieve rental income in the region of £10,000–£12,000 per annum. The upper floors offer significant potential for residential conversion. The property has previously benefited from planning approval for the conversion of the first and second floors into five self contained flats, whilst retaining the ground floor for commercial use. There has also been prior approval for the conversion of the first and second floors into a seven bedroom HMO, again retaining the ground floor commercial accommodation. Further details and documentation are available within the legal pack. There is also potential to explore alternative development options and maximise the use of the accommodation across all three floors, subject to obtaining the necessary planning consents. The property offers the potential to create multiple income streams from a combination of commercial and residential accommodation. Local rental evidence indicates flats in the area achieving approximately £650 per calendar month, whilst HMO rooms, including bills, are understood to achieve approximately £550–£575 per month. The property also benefits from plentiful free parking to the rear, adding further appeal for both commercial and residential occupiers. The surrounding area includes a range of established national and local occupiers, including Post Office, Specsavers and Superdrug, providing an established commercial setting within the town centre. An excellent opportunity for investors or developers seeking a substantial freehold property with existing commercial potential and significant residential conversion opportunities. Offered with vacant possession.

Tenure

Freehold

Energy Efficiency Rating (EPC)

Current Rating D

Services

Interested parties are invited to make their own enquiries to the relevant authorities as to the availability of the services.

Local Authority

Durham County Council

Solicitors

Stanton & Partners, 15 Beach Road, Ref: Stanton & Partners, Tel: 0191 427 0770

Additional Fees

Administration Charge - £3600 inc VAT payable on exchange of contracts.

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.