Kwik-Fit, McMullen Road Darlington County Durham DL1 1XP

Kwik-Fit, McMullen Road
Darlington
County Durham
DL1 1XP

Freehold Tyre Depot Investment

  • Entirely let to Kwik-Fit (GB) Limited (guaranteed by Kwik-Fit Holdings Limited) until 2032
  • Tenant option to extend for a further 15 years
  • 17 Years Term Certain
  • Neighbouring occupiers include main dealer for Nissan, Peugeot, Mazda, Toyota, Kia, Hyundai, Fiat and Suzuki
  • Six Week Completion
  • Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>
  • Lot
    6
  • Auction
    12th February 2015
  • Rent
    £61,261 per Annum Exclusive
  • Status
    Sold
  • Price
    £970,000
  • Sector
    Motor Trade/Petrol Station
  • Auction Venue
    Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
Important Update
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

Freehold Tyre Depot Investment

  • Entirely let to Kwik-Fit (GB) Limited (guaranteed by Kwik-Fit Holdings Limited) until 2032
  • Tenant option to extend for a further 15 years
  • 17 Years Term Certain
  • Neighbouring occupiers include main dealer for Nissan, Peugeot, Mazda, Toyota, Kia, Hyundai, Fiat and Suzuki
  • Six Week Completion
  • Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>
  • Lot 6
  • Auction 12th February 2015
  • Rent
  • Status Sold
  • Price £970,000
  • Sector
    Motor Trade/Petrol Station
  • Auction Venue
    Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG

Property Information

Location
Miles
50 miles south Newcastle upon Tyne
50 miles north of York
13 miles west of Middlesbrough
Roads
A1(M), A66
Rail
Darlington Rail
Air
Durham Tees Valley International Airport
Situation

The property is situated on an established motor trade park some 2 miles east of Darlington town centre. The property is situated on the west side of McCullen Road immediately adjacent to the Bank Road Industrial Estate. Neighbouring occupiers include Bristol Street Motors and main dealers for Nissan, Peugeot, Mazda, Toyota, Kia, Hyundai, Fiat and Suzuki. Other occupiers include
Thrifty Car Rental.

Tenure

Freehold.

Location
Miles
50 miles south Newcastle upon Tyne
50 miles north of York
13 miles west of Middlesbrough
Roads
A1(M), A66
Rail
Darlington Rail
Air
Durham Tees Valley International Airport
Situation

The property is situated on an established motor trade park some 2 miles east of Darlington town centre. The property is situated on the west side of McCullen Road immediately adjacent to the Bank Road Industrial Estate. Neighbouring occupiers include Bristol Street Motors and main dealers for Nissan, Peugeot, Mazda, Toyota, Kia, Hyundai, Fiat and Suzuki. Other occupiers include
Thrifty Car Rental.

Tenure

Freehold.

Description

The property comprises a modern single storey tyre, exhaust and MOT centre configured in an “L” shape with 7 vehicle bays. The property benefits from a site area of approximately 0.13 hectares (0.31 acres) with approximately 17 car parking spaces.

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here

VAT

VAT is applicable to this lot.

EPC

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

Description

The property comprises a modern single storey tyre, exhaust and MOT centre configured in an “L” shape with 7 vehicle bays. The property benefits from a site area of approximately 0.13 hectares (0.31 acres) with approximately 17 car parking spaces.

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here

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 Reviews
Ground Tyre Depot
498.00 sq m
(5,360 sq ft)
KWIK-FIT (GB)
LIMITED (1)
guaranteed by
Kwik-Fit Holdings
Limited (2)
25 years from 20/03/2007 until 19/03/2032 on a full repairing and insuring lease with tenant option to extend for a further 15 years £61,261 (3) 20/03/2017 (3)
and 20/03/2022
and 20/03/2027
Totals  
498.00 sq m
(5,360 sq ft) (4)
    £61,261 (3)

(1) Kwik Fit are experts in automotive repair including tyres, MoT testing, car servicing, exhausts, brakes, and air-con. They are the leading fast-fit supplier of tyres in the country and carry stocks of over 600,000 products in over 600 centres. (Source: www.kwik-fit.com 16/1/2015)
(2)For the year ending 31st March 2014, Kwik-Fit (GB) Limited reported pre-tax profits of £519,087,000, pre-tax profits of £28,938,000 and a net worth of £33,650,000. (Source: www.riskdisk.com 9/09/2014). For the year ending 31st March 2014, Kwik-Fit Holdings Limited reported pre-tax profits of £95,410,000 and a total net worth of £28,518,000. (Source: www.riskdisk.com 16/1/2015)
(3)Under the terms of the lease the current rent reserved is £45,584. The lease provides for the rent to be reviewed on 20/03/2017 to the higher of open market rental value or increased by 3% per annum compounded. Therefore the rent will increase to a minimum of £61,261 per annum exclusive on 20/03/2017. The seller will pay the buyer the difference between the current rent reserved of £45,584 per annum exclusive and £61,261 per annum exclusive. Therefore the property will produce £61,261 per annum exclusive. The 2022 and 2027 rent review is an upward only open market rent review.
(4)The floor areas above are stated in the lease.

Property Documents

  • Catalogue Page
    Updated Date
    21.01.15
    File Size
    649 KB
    View PDF
  • Site Plan
    Updated Date
    21.01.15
    File Size
    41 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060 519john.mehtab@acuitus.co.uk
Seller's Solicitors
HBJ Gateley Exchange Tower, 19 Canning Street
Edinburgh
EH3 8EH
Scotland
Carrie Armstrong 0131 222 9456carmstrong@hbjgateley.com  Alison Newton 0141 574 2445anewton@hbjgateley.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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