Hope Street 3,826 sq ft 100% Let Retail Property Crook DL15 9HS £215,000 (£56.19/sq ft) 11.63% Net Initial Yield

Investment Consideration:
VAT is NOT applicable to this property
Refurb works undertaken in 2025 of £100,000
Tenant option to purchase for the higher of £225,000 or market value after 01.05.30 until lease expiry
Comprises double fronted retail premises at ground floor with ancillary accommodation at first floor
Future residential development potential of upper floors, as well as retail redevelopment of ground floor to provide multiple retail units, subject to vacant possession and obtaining necessary consents
Situated in the heart of town centre with occupiers nearby including Greggs, Boots, Lidl and more.
Property Description:
Comprises two-storey retail premises arranged as a double fronted ground floor shop with ancillary accommodation at first floor, providing the following accommodation and dimensions:
Ground Floor: 150.5 sq m (1,620 sq ft)
Open plan retail, storage, office, wc
First Floor: 188.2 sq m (2,206 sq ft)
Office, storage, wc
Total GIA: 338.7 sq m (3,826 sq ft)
Tenancy:
The property is at present let to Farplace Animal Rescue for a term of 7 Years from 1st May 2025 at a current rent of £25,000 p.a. and the lease contains full repairing and insuring covenants. Rent review on 01.05.28 open market upward only. Mutual option to determine at any time on or after 01.05.30 with min 6 months notice. Tenant option to purchase for the higher of £225,000 or market value after 01.05.30 until lease expiry. Lease within Landlord & Tenant Act 1954.
Location:
Crook is a market town in the Durham County Council. The nearby A690 provides access to the A1(M) Motorway. Durham Rail Station is approximately 7.7 miles to the north-east. The property is situated in the heart of town centre with occupiers nearby including Greggs, Boots, One Stop, Lidl, Betfred and more.