Prime Investment Opportunity in Hartlepool: Bond Wolfe Markets High Street Bank Property

A substantial commercial property housing a busy high street bank in the north-east coastal town of Hartlepool has hit the market, offering a prime investment opportunity. The property, located at 118-120 York Road, is being marketed with offers starting from £495,000, making it an attractive proposition for investors seeking a solid, income-generating asset.

Investment Overview

The property is a freehold investment currently let to Clydesdale Bank, which trades under the Virgin Money brand, with a robust rental income of £53,000 per year. According to James Mattin, Managing Director at Bond Wolfe, a purchase at the asking price of £495,000 would provide the buyer with a gross yield of 10.7%, reflecting the strong rental return on this investment.

Property Specifications

The building itself offers a significant amount of space, spread over three floors, with a total area of 7,298 sq ft:

• The ground floor spans 3,909 sq ft and includes a banking hall, offices, and interview rooms, making it ideal for its current use as a bank branch.
• The first floor provides 1,859 sq ft of space, featuring storerooms, a strong room, a staff room, and a canteen.
• The second floor adds another 1,530 sq ft, offering additional storage or flexible use space.

This makes the property a highly versatile asset, with ample room for various business functions, particularly for high-traffic retail or financial services operations.

A Busy, Prime Location

James Mattin emphasised the strategic location of this property in the heart of Hartlepool’s town centre. He noted:

“This substantial building is an extremely busy bank branch located in a prime position in Hartlepool town centre.”

The property was constructed in 1979, initially comprising three separate buildings before being converted into a purpose-built bank for the current tenant. After Clydesdale Bank acquired Virgin Money, the building underwent significant renovations, including a £500,000 refit to align with Virgin Money’s corporate branding. This investment into the building further enhances its appeal to potential buyers, ensuring it meets modern commercial standards.

This branch of Virgin Money is particularly busy, having consolidated its operations into the premises from a former location across the street, further solidifying its status as a key bank branch in the area.

Hartlepool: A Coastal Town

Hartlepool is a significant port town and administrative centre in County Durham, located approximately 17 miles south-east of Durham and 30 miles south of Newcastle upon Tyne. York Road is one of the town’s principal retail areas, making it a high-traffic location for local businesses and customers alike.

The town’s main shopping hub, Middleton Grange Shopping Centre, is directly behind the property, offering convenient access to a wide array of retail outlets and services. Additionally, there are numerous pay-and-display car parks nearby, facilitating easy access for customers and visitors.

Neighbouring businesses include HSBC, Santander, Newcastle Building Society, and Coral Bookmakers, as well as a mix of charity shops, cafés, takeaways, and estate agents, contributing to a vibrant and bustling high street environment.

Lease Terms and Future Potential

The current lease to Clydesdale Bank is a full repairing and insuring lease, set for a ten-year term that runs until September 2026. This provides a solid, long-term rental income for any prospective investor, with a reputable tenant in place and secure lease terms.

Given the location and the secure income, this property presents a strong investment with potential for capital appreciation, especially given the ongoing revitalisation efforts in the Hartlepool area. The combination of a long-term tenant, modern facilities, and a prime location makes this property an appealing opportunity for both local and national investors.

Contact Information

Interested parties can reach James Mattin of Bond Wolfe for further details regarding the sale or to arrange viewings:

• Phone: 0121 525 0600 or 0121 524 1172
• Email: [email protected]

This property represents a rare chance to acquire a substantial, income-generating commercial asset in a coastal town with an established tenant and a promising outlook for future returns.