retail in SR7

The Avenue, Seaham, Durham, SR7 8NS

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Online auction

Alternatively call 0191 580 1587 or email commercial@pattinson.co.uk

  • Two storey terraced property
  • Ground floor retail with flat above
  • Land site with planning included
  • Fully tenanted investment
  • Annual income of £9,640
  • Freehold title

retail in SR7

TO BE SOLD VIA Online Auction

The subject property is a is a two storey, mid terrace premise located on a secondary retail parade. The area consists predominantly of residential dwellings, with a main strip of retail parade. The premises also comes with land which lies adjacent to the property. The property is fully tenanted, generating an annual income of £9,640.

Summary

  • Property Type: Retail
  • Tenure: Freehold
  • Parking: Allocated

Location

The subject property is located on The Avenue, Seaham, County Durham. This location is highly residential with a number of different estates in the vicinity. Seaham is provided with a number of different services and facilities in the town centre, approximately two miles east, and with Sunderland city centre approximately six miles north.

Accommodation

The subject property is a two story, brick building located on The Avenue, Seaham. The premise comprises of ground floor retail unit with residential accommodation above as well as land adjacent which currently has planning for two residential flats.

Planning Permission

The land site has been granted planning permission for two residential flats. Further information can be provided upon request. This planning has now lapsed, 5/PL/2012/0252.

Tenure

Freehold. Title number DU130078.

Lease Details

We are advised that the ground floor retail unit is currently tenanted at a rent of £5,200pa, with the first floor flat also let for £4,440pa. This totals an annual income of £9,640.

Rateable Value

The adopted rateable value is £3,550 as of 1st April 2017.
Sourced from VOA.

EPC

The domestic Energy Performance Certificate is available upon request.
We currently await a copy of the commercial EPC.

Additional Information

For further information please contact our office direct on 0191 737 1154, or alternatively via e-mail on commercial@pattinson.co.uk. With regards to viewing the subject property, this is to be done strictly by appointment through Keith Pattinson Commercial department. Please contact us to arrange an internal inspection, or to register your interest.

This property is being sold subject to unconditional 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 10% deposit subject to a minimum of £3,600 which contributes towards the overall purchase price of the property.

The deposit is non-refundable. 

 

Buyer Fees

There is an administration charge payable by the buyer of £650 + VAT (£780 inc VAT)

This does not form part of the purchase price.

 

More Information

For more information call our auction experts on 0191 206 9335 or email auction@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.  

At the point of registration, you will be required to insert credit or debit card details as a way of payment towards the deposit and or reservation fee. We will only hold a nominal amount (which will be stated at the point of bidding) to enable you to bid. This amount will only be debited from your account should you be the successful bidder, in the event you are unsuccessful the agreed amount will be released back to your card within three business days.  If you are the successful bidder we will debit the agreed amount from your account immediately at the close of the auction, we will then contact you to confirm the outstanding balance (if applicable) at which point you can opt to use the same card.  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 for 10 minutes. After 10 minutes without a bid, 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. It is the bidder's responsibility to ensure the bid has been lodged with the auctioneer. 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 £750,001 - £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. 

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