Freehold Retail Investment and Residential Opportunity
Comprises six shops with six residential flats above
Let to tenants including Salvation Army and Oliver's Fish & Chips
Asset Management Opportunities
VAT-free investment
Lot 65
Auction 13th July 2017
Rent £65,250 per Annum Exclusive
Status Sold
Price £602,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
6 miles east of Middlesborough, 25 miles east of Darlington
Roads
A19, A66, A1065
Rail
Redcar Central Railway Station
Air
Newcastle/Durham Tees Valley Airport
Situation
The property is situated in a prominent corner location at the junction of High Street and Bath Street. The property is located close to Regent Walk Shopping Centre, which houses retailers including Costa, New Look, Poundland and Peacocks. Other nearby occupiers include Boots the Chemist, Wilko, Sports Direct, Iceland and B&M Bargains.
Tenure
Freehold.
Location
Miles
6 miles east of Middlesborough, 25 miles east of Darlington
Roads
A19, A66, A1065
Rail
Redcar Central Railway Station
Air
Newcastle/Durham Tees Valley Airport
Situation
The property is situated in a prominent corner location at the junction of High Street and Bath Street. The property is located close to Regent Walk Shopping Centre, which houses retailers including Costa, New Look, Poundland and Peacocks. Other nearby occupiers include Boots the Chemist, Wilko, Sports Direct, Iceland and B&M Bargains.
Tenure
Freehold.
Description
The property comprises an unbroken parade of six shops arranged on the ground and first floors with six separately accessed residential flats (in shell condition) arranged on the second floor.
VAT
VAT is not 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 an unbroken parade of six shops arranged on the ground and first floors with six separately accessed residential flats (in shell condition) arranged on the second floor.
VAT
VAT is not 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
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
17-18 Bath Street
Ground
First
Restaurant/ Ancillary Restaurant/ Ancillary
74.70 sq m
59.00 sq m
(804 sq ft)
(635 sq ft)
M. H ROBERTS LIMITED t/a Oliver’s Fish & Chip Restaurant
SALVATION ARMY TRADING COMPANY LIMITED t/a The Salvation Army (2)
2 years from 04/04/2014
£8,000
Holding Over
63 High Street
Second
Residential - One bedroom flat
-
(-)
VACANT
-
-
-
65 High Street
Ground First
Retail Ancillary
88.80 sq m 62.80 sq m
(956 sq ft) (676 sq ft)
VACANT
-
-
-
65 High Street
Second
Residential - One bedroom flat
-
(-)
VACANT
-
-
-
65a High Street
Ground First
Retail Ancillary
85.50 sq m 60.70 sq m
(920 sq ft) (653 sq ft)
VACANT
-
-
-
65a High Street
Second
Residential - One bedroom flat
-
(-)
VACANT
-
-
-
Total Commercial Area
862.58 sq m
(9,285 sq ft)
£65,250
(1) The lease is subject to a tenant option to determine on 18th September 2020. (2) The Salvation Army was founded in 1865 and is active in over 128 countries with over 4,000 employees. For the year ending 31st March 2016, Salvation Army Trading Company Limited reported a turnover of £44,410,620, pre-tax profits of £852,010 and a total net worth of £9,877,847 (Sources: www.salvationarmy.org.uk and Experian Group 09/06/2017).
