56 Newgate Street Bishop Auckland County Durham DL14 7EQ

56 Newgate Street
Bishop Auckland
County Durham
DL14 7EQ

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%)
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Withdrawn Post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
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG

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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%)
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Status Withdrawn Post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

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.