The subject property is located on Byerley Road, Shildon.
Shildon and the surrounding areas are made up primarily of residential properties. This is an established location, with good access links provided by the A1 to the East. Durham city centre is approximately 13 miles to the north
Shildon offers a wide range of amenities including various supermarkets, schools and parks. There are also several industrial estates within the area providing a good level of employment.
Two storey public house of traditional brick construction with residential accommodation above. To the ground floor there is a fully fitted and equipped bar area, CCTV and alarm system throughout, pool table, kitchen to the rear, male and female W.C facilities.
Externally, the property benefits from off street parking, enclosed smoking area and electric roller shutter providing vehicular access.
The first floor has separate access and comprises of two individual one bedroom flats and a two bedroom flat. The third flat requires refurbishment and will provide two individual bedrooms, living room and bathroom facilities.
The property measures approximately 166m2 (1794ft2).
We understand the property has connections to gas, electricity, water and drainage.
The property is freehold with vacant possession
The premises have a current rateable value of £6,500.
The property was previously let out on a 5 year term. The passing rent was £12,700 per annum exclusive for the public house and a one bedroom flat. The tenant occupied a one bedroom flat, which was included in the lease. The freeholder, agreed by separate negotiation with the tenant that sub-letting of the other one bedroom flat is permitted. The other two bedroom flat could be let on an AST basis by the freeholder, providing an additional income of £4,200 pa, reflecting a gross yield of 18.9%.
To view this property, please contact John Pye Property – firstname.lastname@example.org – 0115 970 6060
The Crossings Public House
225 Byerley Road
✓ Public house free of tie
✓ Previous rent £12,700 pa for ground floor and two flats
✓ Previous gross yield 14.26%
✓ Three flats to the first floor
✓ Third flat requires updating
✓ Estimated rent for third flat £4,200 pa after works
✓ Potential gross yield of 18.9%
Phone: 0115 970 6060
Our Ref: PR259