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%)
Neighbouring occupiers include Boots the Chemist, Holland & Barrett, Vodafone and Santander
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 118
Auction 13th October 2016
Rent £49,943 per Annum Exclusive
Status Withdrawn Post
Price
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Squafre London W1H 7BG
Property Information
Location
Miles
27 miles south of Newcastle-upon-Tyne, 11 miles south of Durham, 24 miles north-west of Middlesbrough
Roads
A688, A689,
Rail
Bishop Auckland Railway Station
Air
Durham Tees Valley Airport
Situation
The property is situated on the west side of Newgate Street, close to its junction with Tenters Street in Bishop Auckland town centre. Neighbouring occupiers include Boots the Chemist, Holland & Barrett, Vodafone and Santander.
Tenure
Freehold.
Location
Miles
27 miles south of Newcastle-upon-Tyne, 11 miles south of Durham, 24 miles north-west of Middlesbrough
Roads
A688, A689,
Rail
Bishop Auckland Railway Station
Air
Durham Tees Valley Airport
Situation
The property is situated on the west side of Newgate Street, close to its junction with Tenters Street in Bishop Auckland town centre. Neighbouring occupiers include Boots the Chemist, Holland & Barrett, Vodafone and Santander.
Tenure
Freehold.
Description
The property comprises a ground floor retail unit benefitting from access to the rear off Westgate Road.
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 a ground floor retail unit benefitting from access to the rear off Westgate Road.
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 Second
Retail Ancillary Ancillary
303.14 sq m 178.74 sq m 43.20 sq m
(3,263 sq ft) (1,924 sq ft) (465 sq ft)
HERON FOODS LIMITED (1)
15 years from 23/12/2010 until 2025 with a tenant option 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
525.08 sq m
(5,652 sq ft)
£49,943.77 (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 £53,804 per annum exclusive from 23/12/2020. (3) The tenant does not currently occupy the property.
