4-6 Horsemarket Darlington County Durham DL1 5PW

4-6 Horsemarket
Darlington
County Durham
DL1 5PW

Freehold Restaurant and Office Investment

Let to Pizza Hut (UK) Limited, Hays Specialist Recruitment Limited and Angel Human Resources plc
New 10 year lease (renewal) to Pizza Hut (UK) Ltd from April 2014 (subject to option)
Re-based Pizza Hut rent (tenant in occupation for over 25 years)
Asset management opportunities
Grade II Listed building (no empty rates on vacant parts)
Town centre location close to Boots the Chemist, Caffè Nero and opposite Binns Department Store
(House of Fraser)

Lot
51
Auction
11th December 2014
Rent
£73,000 per Annum Exclusive
Status
Sold
Price
£504,000
Sector
Restaurant
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On the Instructions of T Perkin of CBRE Limited Acting as Joint Fixed Charge Receiver

Important Update

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Freehold Restaurant and Office Investment

Let to Pizza Hut (UK) Limited, Hays Specialist Recruitment Limited and Angel Human Resources plc
New 10 year lease (renewal) to Pizza Hut (UK) Ltd from April 2014 (subject to option)
Re-based Pizza Hut rent (tenant in occupation for over 25 years)
Asset management opportunities
Grade II Listed building (no empty rates on vacant parts)
Town centre location close to Boots the Chemist, Caffè Nero and opposite Binns Department Store
(House of Fraser)

Lot 51
Auction 11th December 2014
Rent £73,000 per Annum Exclusive
Status Sold
Price £504,000
Sector
Restaurant
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On the Instructions of T Perkin of CBRE Limited Acting as Joint Fixed Charge Receiver

Property Information

Location

Miles: 20 miles south of Durham, 35 miles south of Newcastle-upon-Tyne
Roads: A1 (M), A66, A68, A167
Rail: Darlington Railway Station
Air: Durham Tees Valley Airport

Situation

The property is situated in a prominent town centre position on Horsemarket in the heart of Darlington town centre, facing the pedestrianised High Row and opposite House of Fraser (Binns Department Store). Nearby occupiers include Caffè Nero, Greggs, Boots the Chemist, Boots Opticians and NatWest Bank.

Tenure

Freehold.

Location

Miles: 20 miles south of Durham, 35 miles south of Newcastle-upon-Tyne
Roads: A1 (M), A66, A68, A167
Rail: Darlington Railway Station
Air: Durham Tees Valley Airport

Situation

Tenure

Freehold.

Description

The property comprises restaurant accommodation arranged over ground, lower ground, mezzanine and basement floors, with office accommodation arranged over first, second and third floors.

Six Week Completion

Note
This property is being marketed for sale on behalf of Joint Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review/(Reversions)
Ground Lower Ground Mezzanine Basement	Restaurant/Ancillary Restaurant/Ancillary Restaurant/Ancillary Ancillary	235.78 sq m 47.10 sq m 62.80 sq m 27.78 sq m	(2,538 sq ft) (507 sq ft) (676 sq ft) (299 sq ft)	PIZZA HUT (UK) LIMITED (1)	10 years from 09/04/2014 (2)	£49,000	09/04/2019 (08/04/2024)
First	Offices	57.41 sq m	(618 sq ft)	HAYS SPECIALIST RECRUITMENT LIMITED (3)	3 years from 10/04/2014 (4)	£5,000	09/04/2017
First (Suite 1)	Offices (5)	44.34 sq m	(477 sq ft)	VACANT POSSESSION (5)	-	-	-
First & Second (Suites 1 & 2)	Offices (5)	185.34 sq m	(1,995 sq ft)	ANGEL HUMAN RESOURCES PLC (5)	Term of years from 15/01/2005 expiring 06/04/2014	£19,000	(06/04/2014) (Holding over)
Second (Suite 3)	Offices	127.34 sq m	(1,371 sq ft)	VACANT POSSESSION	-	-	-
Third (Suite 4)	Offices	46.17 sq m	(497 sq ft)	VACANT POSSESSION	-	-	-
Totals		834.06 sq m	(8,978 sq ft)			£73,000 (5)

(1) For the year ending 1st December 2013, Pizza Hut (UK) Limited reported a turnover of £230,106,000, pre-tax losses of £968,000 and a total net worth of £42,085,000. (Source: www.riskdisk.com 13/11/2014)
(2) The lease to Pizza Hut (UK) Limited provides for a tenant option to determine in April 2019.
(3) For the year ending 28th June 2013, Hays Specialist Recruitment Limited reported a turnover of £1,478,280,000, pre-tax losses of £5,682,000 and a total net worth of £41,297,000. (Source: www.riskdisk.com 13/11/2014)
(4) The lease to Hays Specialist Recruitment Limited provides for a tenant option to break in April 2015 and at any time thereafter, upon serving 9 months’ written notice.
(5) Terms have been agreed with Angel Human Resources plc to relocate from Suites 1 & 2 (where they are holding over on a lease expiring in April 2014) to Suite 1, where a new 5 year lease has been agreed, but not yet documented, at £4,750 per annum.