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.
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.
- 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%