For Sale

Investment For Sale, 6 Prospect Place, Darlington DL3 7PF

3,206 Sq Ft
£400,000
  • Ref: CPNE_102159
  • Type: Retail
  • Availability: For Sale
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Property Features

  • Central Town Location
  • Let to Archrise Ltd t/a Cash Converters
  • Rental Income £35,000 pax
  • Net Initial Return to buyer 8.4%

Property Summary

The subject property is situated in the centre of Darlington on Prospect Place a main retail pitch at the junction of High Row and Bondgate opposite Santander and adjacent to HSBC. Other nearby occupiers include Hayes Travel, Specsavers and Card Factory.

INVESTMENT SUMMARY

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Full Details

The subject property is situated in the centre of Darlington on Prospect Place a main retail pitch at the junction of High Row and Bondgate opposite Santander and adjacent to HSBC. Other nearby occupiers include Hayes Travel, Specsavers and Card Factory.

INVESTMENT SUMMARY

• Let to Archrise Limited t/a Cash Converters
• Freehold
• Central Town Centre Location
• Rental income £35,000 pax
• Offers in the region of £400,000 (Four Hundred Thousand
Pounds) exclusive, exclusive, Subject to Contract
• FRI with schedule of condition.
• Net initial return to a buyer of 8.4% allowing for standard
purchasers’ costs at 4.13% (buyers professional, legal
and stamp duty + VAT)

The premises comprise of a 3-storey property under a part pitched and flat roof. The property is serviced at first floor level from a shared service yard which forms part of the Queen Street Shopping Centre. The property enjoys one of the best and most prominent parts of town.

The Treasury is moving into the town with anticipated 200+ staff by the 2023.

TENANCY
Lease to Archrise Limited t/a Cash Converters on a 5 year lease without breaks from 29 April 2021 at £35,000 pax. The lease is drawn on Tenants Full Repairing and Insuring Terms (subject to photographic Schedule of Condition). The pitched roof was re roofed in 2021 prior to lease.

COVENANT
Archrise Limited t/a Cash Converters (02672517)
https://www.cashconverters.co.uk/

The UK’s largest second-hand retailer. Cash Converters started in Australia in 1984 and now have over 700 stores worldwide. The business has pioneered the buying and selling of pre-owned goods for almost four decades. Archrise is the regional franchise trading company established in January 1995 with units in Middlesbrough and Stockton. The tenant relocated within Darlington after 10+ Years in their Skinnergate location due to redevelopment lead by the local authority.

“Low Risk” Creditsafe rating of B 65

PRICE
Offers sought in the region of £400,000 (Four Hundred Thousand Pounds) exclusive, Subject to Contract, Net initial return to a buyer of 8.4% allowing for standard purchasers’ costs at 4.13% (buyers professional, legal and stamp duty + VAT)


Accommodation:
Ground Floor Sales: 1,142.00 sqft
First Floor Offices: 1,076.00 sqft
Second Floor Ancillary : 988.00 sqft
Total: 3,206.00 sqft