Commercial Development in TS10

Central Terrace, Redcar, North Yorkshire, TS10 1DJ

Brochure

Tenure: Freehold

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Starting bid£900,000

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Key Information

Parking: Allocated

Property features

3 Commercial Units & 9 Existing Flats with a current income of £96,240 per annum.
Prime Redcar Town Centre Location
Outline Planning for 30 Additional Apartments
Significant Development & Investment Potential
39 Apartments in Total on Completion
Major Regeneration & Growth Area

Commercial Development in TS10

For Sale Via Online Auction. Fee's Apply.

Prime Mixed-Use Investment & Development Opportunity.

Craigton House presents an exceptional opportunity to acquire a substantial mixed use investment in a prominent town centre location, combining established income with significant asset management and development potential.

Situated on West Terrace in the heart of Redcar, the property currently comprises three ground floor commercial units, nine self-contained residential apartments and car parking for approximately 20 vehicles.

The existing residential accommodation currently generates £4,020 per calendar month, equating to £48,240 per annum.

In addition, Units 9–10 provide a further £20,000 per annum, whilst the commercial accommodation offers significant scope to increase income, with Units 7–8 potentially generating approximately £20,000 per annum and Unit 11 providing a further £8,000 per annum. Based on the figures provided, the combined current and potential income is approximately £96,240 per annum, subject to occupancy, existing tenancy arrangements and final letting terms.

The property benefits from Outline Planning Permission under Reference R/2025/0437/OOM for the addition of two storeys above the existing building together with a four-storey rear extension and ground floor parking provision. The approved scheme provides for the creation of 30 additional self-contained apartments, increasing the residential accommodation from the existing nine apartments to 39 apartments in total.

The planning consent provides a significant opportunity to unlock further value through the comprehensive enhancement and redevelopment of the property, with the potential to substantially increase both rental income and capital value. The outline nature of the consent, with layout and landscaping reserved, also provides flexibility for the detailed design and delivery of the proposed scheme.

Craigton House therefore offers a compelling combination of existing income, commercial rental growth, substantial residential development potential and a prominent town centre location, making it an attractive proposition for investors, developers and owner-occupiers seeking a significant value-add opportunity within Redcar's evolving coastal and regeneration market.

Location -

Craigton House occupies a highly accessible location on West Terrace, forming part of Redcar's established commercial centre. The property is situated within easy walking distance of a wide range of retail, leisure and public transport facilities, making it particularly attractive to both residents and commercial occupiers. Redcar Beach, the town's award-winning seafront, lies only a short walk from the property and continues to attract visitors throughout the year.

The town centre offers an extensive range of independent retailers, national operators, cafés, restaurants and leisure facilities, while Redcar Central railway station provides regular services throughout Teesside and connections to the wider national rail network. The property's central position provides excellent access to the A174 and A19, placing Middlesbrough, Stockton-on-Tees and the wider Tees Valley employment areas within convenient commuting distance.

Description

Craigton House presents an exceptional opportunity to acquire a substantial mixed - use investment in a prominent town centre location, combining established income with significant asset management and development potential.

Location

Craigton House occupies a highly accessible location on West Terrace, forming part of Redcar's established commercial centre.

Tenure

Title number CE29632 - Freehold

Additional Information

For further information please contact our office directly on 0191 737 1154, or alternatively via email on commercial@pattinson.co.uk. With regards to viewing subject property, this is to be done strictly by appointment.

Open map Street view

This property is being sold subject to unconditional reservation fee auction terms and conditions.

Timescales

Contracts will exchange immediately. There are 28 days in which to complete the purchase.

Legal Pack

A legal pack is available to download. Special conditions may apply.

We strongly recommend buyers familiarise themselves with the legal pack prior to bidding.

Deposit

In order to secure the purchase a buyer will pay a deposit of 5% which contributes towards the overall purchase price of the property.

The deposit is non-refundable.

Buyer Fees

This property is sold subject to a non-refundable reservation fee of 5% + VAT to a minimum of £6,000 + VAT (£7,200 inc VAT) This does not form part of the purchase price.

A reservation fee is payable by the buyer where a seller has opted to sell with no fees. As a result, a lower reserve price is usually agreed on lots where a reservation fee is applicable.

More Information

For more information call our auction experts on 0191 206 9335 or email auctions@pattinson.co.uk

ONLINE AUCTION NOTICE

I hereby acknowledge and confirm the following:

My bid may be accepted by the seller at any time before the close of the auction. It is subject to the terms and conditions of the auction which I have read and understood. I have read and understood the legal pack applicable to my bid/lot and agree to be bound by any special conditions within that pack.

If my bid is successful (whether as the highest bid or upon acceptance by the seller in the course of the auction) I shall be bound by the lot terms and conditions as advertised online.

Any amount payable at the close of the auction must be paid within 1 hour.

Please note that the bidding process will work in a different way to an eBay auction, so there is NO advantage to bidding at the last second.

Each auction will automatically stay open until there has not been a bid within the final 10 minutes. If no bid has been submitted within the final 10 minutes of the auction, the auction will close and the highest bidder will be successful subject to the reserve price being met or upon acceptance of an offer by the seller throughout the auction cycle. If there is another bid within 10 minutes of the last bid, the auction countdown timer will be restarted for another 10 minutes to allow further bidding. This system avoids last-minute (or second) bidding and makes for a fairer auction as in a live-room auction situation.

Please bid in good time before the end of the auction, delaying your bid to the last seconds may disadvantage you if your connection slows or you lose internet connectivity.

The auctioneer is not responsible for any tech issues, power outage or error messages which hampers or eliminates an individual's opportunity to bid.

It is the bidder's responsibility to ensure the bid has been lodged with the auctioneer. It is therefore beneficial to bid on your chosen lot at your earliest opportunity.

The auctioneer accepts no responsibility for bids that are not received or are received late and reserves the right to reject any bid without notice.

Minimum online bidding increments:
£50,000 - £250 minimum bid
£50,001 to £150,000 - £500 minimum bid
£150,001 to £250,000 - £1,000 minimum bid
£250,001 to £750,000 - £2,500 minimum bid
£750,001 to £1.5 Million - £5,000 minimum bid
£1.5 Million Plus - £10,000 minimum bid

Please note this bidding process applies specifically to online auctions.

More Information is available:

For more information call our auction experts on 0191 206 9335 or email auctions@pattinson.co.uk

The legal pack is not yet available. The auction will not end until the legal pack has been made available here for at least 24 hours.

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