A well-known fashion shop in Bishop Auckland is for sale.

The property rented by Bonmarché is coming up for auction with Bond Wolfe, who have put a guide price of more than £145,000.

The 3,270 sq ft property at 50-52 Newgate Street will be going under the hammer on 14 September, and James Mattin, managing director at Bond Wolfe, explained that the large building is currently rented out to Bonmarché for £20,000 a year, representing a 13.79% yield for any prospective buyers.

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Mr Mattin said: “It is a substantial building first erected a number of years ago, and substantially rebuilt at the rear to provide an extensive ground floor extension.

“The property has a sales area on the ground floor measuring 1,874 sq ft, with stock room, staff rooms and toilet facilities on the first floor.

“There is also rear loading from the enclosed private car park which is capable of accommodating five to six vehicles.

“The property is in a prime location on the east side of Newgate Street, at the junction with Tenters Street and just short of the Newgate Shopping Centre.

“Nearby retailers on Newgate Street include Heron Foods, Holland & Barrett, Boots, Savers, Vodafone, Poundland and there is a major branch of Wilko close by in the Newgate Shopping Centre.

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“The property also has a rear frontage onto the Town Centre Bus Station on Tenters Street, together with pay and display car parks for customers.”

50-52 Newgate Street is on a five-year lease from 30 June 2021, expiring 29 June 2026 with a break clause on 30 June 2024. It is one of scores of lots appearing in the Bond Wolfe auction, which will start at 9am on Thursday 14 September.