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Our Summary
- Refurbishment completed September 2023, this turn-key opportunity offers strong existing income with immediate uplift potential — ideal for experienced investors and those looking to grow a mixed-use portfolio in the North East
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Description
The property is a fully refurbished freehold investment located on Newgate Street in Bishop Auckland town centre. The building has a basement workshop unit, let for £200pcm, and a ground floor with two commercial units. Unit 1 is currently let for £450pcm, while Unit 2 is rented by O'Reilly's for £395pcm, with a new lease commencing in May.
The first and second floors have a combination of bedrooms and separate en-suite facilities, with the property in HMO format offering space for six en-suite bedrooms. Three rooms are currently tenanted at £550-£700pcm, while three rooms are vacant and available for rent at the same rate. The current income is £2,845pcm, with potential to reach a fully let income of £4,495pcm.