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4-5 North Road and 67 Crossgate Durham DH1 4PR Crossgate, Durham, DH1 4PR

4-5 North Road and 67 Crossgate Durham DH1 4PR, Durham - Picture 2019-03-07-16-19-33
Use Class

Use Class

E

Rent pa

Rent pa

POA

Price

Price

£2,200,000

Retail and Student Residential Investment Opportunity

The subject premises comprise two separate but adjoining properties, one fronting onto North Road and the other onto Crossgate.

4-5 North Road provides retail accommodation at ground floor with ancillary accommodation at first and second floors occupied by Iceland.

Greenland Studios provides 9 en-suite apartments accessed directly off North Road and arranged over first and second floors of 4-5 North Road.

67-67a Crossgate provides two 3 bedroom apartments arranged over the first and second floors and is accessed directly off Crossgate.

Fronting Crossgate are two garage units.

  • Rare opportunity to acquire a substantial freehold in Durham city centre.

  • Situated fronting North Road and Crossgate.

  • Well secured in part to Iceland Foods Ltd lease expiry March 2030

  • Fully let student accommodation providing 9 studios and two 3 bed apartments

  • Gross income £185,902

  • Net Income £175,267 (after allowing for utilities for student accommodation)

  • Net Initial Yield 7.49% after allowing for purchaser's costs at 6.32%

The property is situated on the southern side of North Road a short distance to the west of the Framwelgate Bridge/Millburngate junction. National multiples within the immediate vicinity include Boots, Sainsburys, Tesco, Greggs, Specsavers, Halifax, Santander and an entrance into The Riverwalk retail and leisure development.

Misrepresentation Notice

All the above information and descriptions (whether in the text, plans or photographs) are given in good faith but should not be relied upon as being a statement of representation or fact. Any areas, measurements or distances referred to are approximate only.

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This was last updated on 18/01/2022