5 - 7 Middle Street Consett Co Durham DH8 5QP

5 - 7 Middle Street
Consett
Co Durham
DH8 5QP

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 Superdrug, Lloyds Bank and Greggs
  • Currently Producing £49,943.77 per annum exclusive Rising to a minimum of £53,804 p.a.x. in 2020 (2)
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot
    99
  • Auction
    13th October 2016
  • Rent
    £49,943 per Annum Exclusive
  • Status
    Sold
  • Price
    £530,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Squafre
    London W1H 7BG
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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 Superdrug, Lloyds Bank and Greggs
  • Currently Producing £49,943.77 per annum exclusive Rising to a minimum of £53,804 p.a.x. in 2020 (2)
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot 99
  • Auction 13th October 2016
  • Rent
  • Status Sold
  • Price £530,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Squafre
    London W1H 7BG

Property Information

Location
Miles
15 miles south-west of Newcastle-upon-Tyne, 40 miles north-west of Middlesbrough
Roads
A68, A691, A692
Air
Newcastle Airport
Situation

The property is situated in a prominent corner position on the east side of Middle Street at its junction with Nelson Street, within the heart of Consett town centre. Nearby occupiers include Superdrug, Lloyds Bank and Greggs.

Tenure

Freehold.

Location
Miles
15 miles south-west of Newcastle-upon-Tyne, 40 miles north-west of Middlesbrough
Roads
A68, A691, A692
Air
Newcastle Airport
Situation

The property is situated in a prominent corner position on the east side of Middle Street at its junction with Nelson Street, within the heart of Consett town centre. Nearby occupiers include Superdrug, Lloyds Bank and Greggs.

Tenure

Freehold.

Description

The property comprises retail accommodation on the ground floor with ancillary accommodation on basement and first floor. The property benefits from rear access off Nile Street.

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 basement and first floor. The property benefits from rear access off Nile Street.

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
Basement
Retail
Ancillary
Ancillary
240.71 sq m
160.16 sq m
52.21 sq m
(2,591 sq ft)
(1,724 sq ft)
(562 sq ft)
HERON FOODS
LIMITED (1)
15 years from 23/12/2010
until 2025 with a tenant
op tion to renew until 2040 on a full repairing and insuring lease
£49,943.77 (2) Rental increases linked to CPI (subject to minimum of 1.5 % and a maximum of 3.5%) 5 yearly annually compounded
Totals   453.08 sq m (4,877 sq ft)     £49,943.77  

(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 £53,804 per annum exclusive from 23/12/2020.

Property Documents

  • Catalogue Page
    Updated Date
    21.09.16
    File Size
    619 KB
    View PDF
  • Site Plan
    Updated Date
    21.09.16
    File Size
    104 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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