57/59 Dundas Street and 65/67 Dundas Mews Middlesbrough North Yorkshire TS1 1HR

57/59 Dundas Street and 65/67 Dundas Mews
Middlesbrough
North Yorkshire
TS1 1HR

Freehold Retail Investment

  • Let to Heron Foods Ltd on a 15 year lease until 2025 (Tenant option to renew until 2040)
  • Heron Foods Ltd was incorporated in 1978 and has reported profits for the last 27 years
  • Guaranteed rental increases with Rent Reviews linked to Consumer Price Index (CPI) (subject to a minimum of 1.5% and a maximum of 3.5%)
  • Nearby occupiers include Next, Marks & Spencer and House of Fraser and Debenhams department stores
  • Producing £61,042.39 per annum exclusive Rising to a minimum of £65,760 p.a.x. in 2020 (2)
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot
    63
  • Auction
    13th October 2016
  • Rent
    £61,042 per Annum Exclusive
  • Status
    Sold
  • Price
    £710,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Squafre
    London W1H 7BG
Important Update
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* More information on the term "guide" can be found here

Freehold Retail Investment

  • Let to Heron Foods Ltd on a 15 year lease until 2025 (Tenant option to renew until 2040)
  • Heron Foods Ltd was incorporated in 1978 and has reported profits for the last 27 years
  • Guaranteed rental increases with Rent Reviews linked to Consumer Price Index (CPI) (subject to a minimum of 1.5% and a maximum of 3.5%)
  • Nearby occupiers include Next, Marks & Spencer and House of Fraser and Debenhams department stores
  • Producing £61,042.39 per annum exclusive Rising to a minimum of £65,760 p.a.x. in 2020 (2)
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot 63
  • Auction 13th October 2016
  • Rent
  • Status Sold
  • Price £710,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Squafre
    London W1H 7BG

Property Information

Location
Miles
40 miles south-east of Newcastle upon Tyne, 65 miles north of Leeds
Roads
A19, A66, A1 (M)
Rail
Middlesbrough railway Station
Air
Durham Tees Valley Airport, Newcastle Airport
Situation

The property is situated directly opposite Next on the east side of pedestrianised Dundas Street and close to its junction with Corporation Road in the heart of Middlesbrough town centre. The Hillstreet Shopping Centre is some 70 metres to the west and nearby occupiers include Next, Marks & Spencer and House of Fraser and Debenhams department stores.

Tenure

Freehold.

Location
Miles
40 miles south-east of Newcastle upon Tyne, 65 miles north of Leeds
Roads
A19, A66, A1 (M)
Rail
Middlesbrough railway Station
Air
Durham Tees Valley Airport, Newcastle Airport
Situation

The property is situated directly opposite Next on the east side of pedestrianised Dundas Street and close to its junction with Corporation Road in the heart of Middlesbrough town centre. The Hillstreet Shopping Centre is some 70 metres to the west and nearby occupiers include Next, Marks & Spencer and House of Fraser and Debenhams department stores.

Tenure

Freehold.

Description

The property comprises retail accommodation on the ground floor with ancillary accommodation on the first floor. The property benefits from rear access off Dundas Mews.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

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

Description

The property comprises retail accommodation on the ground floor with ancillary accommodation on the first floor. The property benefits from rear access off Dundas Mews.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

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
First
Retail
Ancillary
213.86 sq m
191.84 sq m
(2,302 sq ft)
(2,065 sq ft)
HERON
FOODS
LIMITED (1)
15 years from 23/12/2010 with a tenant option to renew until 2040 on a full repairing and insuring lease £61,042.39 (2) Rental increases linked to CPI (subject to minimum of 1.5% and a maximum of 3.5%) 5 yearly annually compounded
Totals  
405.44 sq m
(4,367 sq ft)
    £61,042.39 (2)

1) Heron Foods Limited was incorporated in 1978 and operates from some 240 outlets nationally. In some 27 years of trading Heron Foods Ltd have always reported annual profits. For the year ending 27th December 2014, Heron Foods Limited reported a turnover of £255,138,454, pre-tax profits of £1,908,478 and a total net worth of £28,145,411. (Source: www.riskdisk.com 05/09/2016).
(2) The lease provides for rental increases linked to CPI (subject to minimum of 1.5% and a maximum of 3.5%) 5 yearly annually compounded. Therefore the property will produce a minimum of £65,760 per annum exclusive from 23/12/2020.

Property Documents

  • Site Plan
    Updated Date
    21.09.16
    File Size
    84 KB
    View PDF
  • Catalogue Page
    Updated Date
    21.09.16
    File Size
    752 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
Freeths LLP Cardinal Square, Second Floor, West Point,, 10 Nottingham Road,
Derby
DE1 3QT
Ben Pickup +44 (0)845 272 5684ben.pickup@freeths.co.uk

Useful Links

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

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