Auction Venue Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of Administrators
Property Information
Location
Miles
8 miles north of Sunderland, 9 miles east of Gateshead, 12 miles east of Newcastle upon Tyne
Roads
A184, A194, A194(M)
Rail
Brockley Whins Railway Station
Air
Newcastle upon Tyne Airport
Situation
The property is situated in a prominent corner location on the northern side of Ocean Road, at its junction with James Mather Street. Ocean Road forms part of the main pedestrianised retailing thoroughfare in the town. The property benefits from its proximity to the South Shields Metro Station, located 150 metres to the west and the town’s principal car park located to the rear. Other nearby occupiers include McDonald’s,
Tenure
Long Leasehold. Long Leasehold. Held from Mildtree Limited for a term of 125 years from 22nd June 1987 until 21/06/2112 at a peppercorn rent.
Location
Miles
8 miles north of Sunderland, 9 miles east of Gateshead, 12 miles east of Newcastle upon Tyne
Roads
A184, A194, A194(M)
Rail
Brockley Whins Railway Station
Air
Newcastle upon Tyne Airport
Situation
The property is situated in a prominent corner location on the northern side of Ocean Road, at its junction with James Mather Street. Ocean Road forms part of the main pedestrianised retailing thoroughfare in the town. The property benefits from its proximity to the South Shields Metro Station, located 150 metres to the west and the town’s principal car park located to the rear. Other nearby occupiers include McDonald’s,
Tenure
Long Leasehold. Long Leasehold. Held from Mildtree Limited for a term of 125 years from 22nd June 1987 until 21/06/2112 at a peppercorn rent.
Description
The property comprises a prominent parade of three ground floor retail units with unit 2 benefitting from first floor ancillary accommodation.
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.
Note
This property is being marketed for sale on behalf of Administrators and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Administrators to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Administrators are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
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 prominent parade of three ground floor retail units with unit 2 benefitting from first floor ancillary accommodation.
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.
Note
This property is being marketed for sale on behalf of Administrators and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Administrators to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Administrators are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x.
Review/(Reversion)
1
Ground
Retail
337.33 sq m
(3,631 sq ft)
WM MORRISON SUPERMARKETS PLC (1)
25 years from 15/08/2010 until 01/07/2035 (2)
£35,000
02/07/2015 and five yearly
2
Ground First
Retail Ancillary
343.83 sq m 20.62 sq m
(3,701 sq ft) (222 sq ft)
BRITISH HEART FOUNDATION (3)
10 years from 07/10/2011 until 06/10/2021 (4)
£40,000
07/10/2016
3
Ground
Retail Ancillary
49.98 sq m 5.20 sq m
(538 sq ft) (56 sq ft)
THE SCHOOL OUTFIT LIMITED (5)
25 years from 25/12/1990
£11,500
(24/12/2015)
Totals
756.96 sq m
(8,148 sq ft)
£86,500
(1) Wm Morrison Supermarkets plc has more than 500 superstores and 130 convenience stores across the UK with an online home delivery service. Please note that the tenant of Unit 1 occupies the adjoining property which is not included in the demise for sale. The tenants have removed Unit 1’s entrance and the party wall in order to amalgamate it with the adjoining unit. (Source: http://www.morrisons corporate.com/About-us/ 19/02/2015) (2) The lease for Unit 1 provides an option to determine on 2nd July 2026. (3) British Heart Foundation is a leading UK registered charity established in 1961 that currently operate some 700 retail outlets nationwide. (Source: www.bhf.org.uk 19/02/2015) (4)The lease for Unit 2 provides an option to determine on the fifth anniversary of the term. (5) The School Outfit design, manufacture, retail and supply school uniform. They have a number of stores located in the North East. (Source: www.theschooloutfit.co.uk 19/02/2015)
