Let to Mackays Stores Limited (t/a M&Co) on a new 10 year lease (1)
Prominent town centre location with two separate customer entrances
VAT-free Investment
Opposite Morrisons and a public car park
M&Co in occupation since 2006
Lot 12
Auction 11th July 2018
Rent
Status Sold
Price £650,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On the Instructions of M&Co.
Property Information
Location
Miles
15 miles west of Darlington
28 miles west of Middlesbrough
35 miles east of Penrith
Roads
A66, A67, A688
Air
Newcastle City Airport
Situation
The market town of Barnard Castle in County Durham is located 15 miles west of Darlington, 28 miles west of Middlesbrough and 35 miles east of Penrith. The property is located in the town centre on Galgate, close to its junction with King Street, opposite Morrisons and a public car park. There is further car parking on Galgate. Occupiers close by include Morrisons, Post Office and Newcastle Building Society, amongst a number of local traders.
Tenure
Freehold.
Location
Miles
15 miles west of Darlington
28 miles west of Middlesbrough
35 miles east of Penrith
Roads
A66, A67, A688
Air
Newcastle City Airport
Situation
The market town of Barnard Castle in County Durham is located 15 miles west of Darlington, 28 miles west of Middlesbrough and 35 miles east of Penrith. The property is located in the town centre on Galgate, close to its junction with King Street, opposite Morrisons and a public car park. There is further car parking on Galgate. Occupiers close by include Morrisons, Post Office and Newcastle Building Society, amongst a number of local traders.
Tenure
Freehold.
Description
This Grade II listed property comprises a ground floor shop together with part first floor storage and staff accommodation. Part of the first floor is a void flat and currently not used. The property benefits from two separate customer entrances – Galgate and opposite Morrisons.
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
This Grade II listed property comprises a ground floor shop together with part first floor storage and staff accommodation. Part of the first floor is a void flat and currently not used. The property benefits from two separate customer entrances – Galgate and opposite Morrisons.
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
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground First Part First Part (Flat)
Retail Ancillary Void
508 sq m 192 sq m
(5,468 sq ft) (2,066 sq ft)
MACKAYS STORES LIMITED t/a M&Co (2)
10 years from completion on a full repairing and insuring lease subject to a schedule of condition (1)
£58,000
2023
Total
700 sq m
(7,534 sq ft)
£58,000
(1) Tenant’s option to determine in the fifth year. (2) For the year ended 24th February 2017, Mackays Stores Limited reported a turnover of £165,611,000, pre-tax profits of £1,100,000 and a total net worth of £36,441,000 (Source: Experian Group 12/06/2018). Mackays Stores Limited is one of the largest privately owned fashion retailers in the UK. Since inception in the 1960s, M&Co now trades from over 300 stores nationwide with a further 22 stores overseas.