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  • FORMERLY CITY ELECTRICAL FACTORS
  • VACANT POSSESSION
  • SITUATED WITHIN A MIXED COMMERCIAL RESIDENTIAL AREA
  • VIEWING VIA THE AGENT
  • FOR SALE VIA AUCTION - STARTING BID £145,000 RESERVE PRICE £160,000


This property is for sale by the Modern Method of Auction which is not to be confused with traditional auction. The Modern Method of Auction is a flexible buyer friendly method of purchase. We do not require the purchaser to exchange contracts immediately, however from the date the Draft Contract is received by the buyers solicitor, the buyer is given 56 days in which to complete the transaction, with the aim being to exchange contracts within the first 28 days. Allowing the additional time to exchange on the property means interested parties can proceed with traditional residential finance. Upon close of a successful auction or if the vendor accepts an offer during the auction, the buyer will be required to make payment of a non-refundable Reservation Fee of 4.2% of the final purchase price including VAT. This is subject to a minimum of £6,000.00 including VAT. This secures the transaction and takes the property off the market. Fees paid to the Auctioneer are considered as part of the chargeable consideration for the property by HMRC and will be included in the calculation for stamp duty liability. Further clarification on this must be sought from your legal representative. The buyer will be required to sign an Acknowledgement of Reservation form to confirm acceptance of terms prior to solicitors being instructed. Copies of the Reservation form and all terms and conditions can be found in the Buyer Information Pack which can be downloaded for free from the auction section of our website or requested from our Auction Department. Please note this property is subject to an undisclosed reserve price which is generally no more than 10% in excess of the Starting Bid, both the Starting Bid and reserve price can be subject to change. Terms and conditions apply to the Modern Method of Auction, which is operated by Great North Property Auction powered by IAM Sold. The Reservation Fee is paid in addition to the final negotiated selling price.

 

The property is centrally located within Bishop Auckland and within 150 meters of the town centre. Bishop Auckland lies 30 miles South West of Newcastle Upon Tyne. The principle road link in the area is the A688 that links with the A1M two miles to the East.

The unit is situated to the Western side of Kingsway within a mixed commercial residential area.

DESCRIPTION

The property comprises of a traditional mainly two storey brick building under a pitched roof with front and rear single storey extensions under a flat roof. The unit is the former City Electrical Factors trade counter and supply depot.

ACCOMMODATION:

The units extends to 535.80 m sq (5767 sq ft gross internal area approximately) which includes a front ground floor counter.

TENURE:

Freehold. For Sale with vacant possession.

RATEABLE VALUE:

£8700 2019/2020.

RATES PAYABLE:

Will need to be confirmed with the Local Authority, Durham County Council.

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