Entirely let to The Factory Shop Ltd until 2024 (no breaks)
Prominent position as part of Festival Walk Shopping Centre
Nearby occupiers include Aldi, M&Co and Shoe Zone
Approximate area of 969.10 sq m (9,354 sq ft)
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 77
Auction 23rd March 2016
Rent £55,000 per Annum Exclusive
Status Sold
Price £550,000
Sector High Street Retail
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
6 miles south of Durham, 20 miles north-west of Middlesbrough, 21 miles south of Newcastle upon Tyne
Roads
A688, A167, A1(M) (Junction 61)
Air
Durham Tees Valley International Airport
Situation
Spennymoor is a popular town in County Durham, just 6 miles south of Durham City Centre. The property occupies a prominent position forming part of Festival Walk Shopping Centre, at its entrance from the High Street. Festival Walk Shopping Centre houses retailers including Greggs, Superdrug and Farm Foods. Other nearby occupiers include Aldi, M&Co and Shoe Zone.
Tenure
Virtual Freehold. Held from Retail Property Limited for a term of 999 years from 23rd June 2010 at a peppercorn rent.
Location
Miles
6 miles south of Durham, 20 miles north-west of Middlesbrough, 21 miles south of Newcastle upon Tyne
Roads
A688, A167, A1(M) (Junction 61)
Air
Durham Tees Valley International Airport
Situation
Spennymoor is a popular town in County Durham, just 6 miles south of Durham City Centre. The property occupies a prominent position forming part of Festival Walk Shopping Centre, at its entrance from the High Street. Festival Walk Shopping Centre houses retailers including Greggs, Superdrug and Farm Foods. Other nearby occupiers include Aldi, M&Co and Shoe Zone.
Tenure
Virtual Freehold. Held from Retail Property Limited for a term of 999 years from 23rd June 2010 at a peppercorn rent.
Description
The property comprises a ground floor retail unit with first floor andbasement ancillary accommodation. The property benefits fromloading doors to the rear of the unit.
Six Week Completion
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor retail unit with first floor andbasement ancillary accommodation. The property benefits fromloading doors to the rear of the unit.
Six Week Completion
VAT
VAT is not 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
Review
Ground First Basement
Retail Retail/Ancillary Plant Room
769.10 sq m 100 sq m
(8,278 sq ft) (1,076 sq ft)
THE FACTORY SHOP LTD (1)
15 years from 30/10/2009 until 29/10/2024 on a full repairing and insuring lease (2)
£55,000
29/10/2019
Not Measured
Totals
869.10 sq m
(9,354 sq ft)
£55,000
(1) For the year ending 29th March 2015, The Factory Shop Limited reported a turnover of £174,334,000, pre-tax profits of £7,855,000 and a total net worth of £44,438,000. (Source: www.riskdisk.com 24/02/2016) (2) The lease is FRI bar any disrepair or defect in the mains water pipe. See legal pack.
