Let to Mackays Stores Limited (t/a M&Co) on a new 10 year lease (1)
Prominent town centre location
VAT-free Investment
Adjacent to Lloyds and diagonally opposite Superdrug, Greggs and Ladbrokes
M&Co in occupation since 1982
Lot 71
Auction 11th July 2018
Rent
Status Sold
Price £430,000
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
6 miles north-east of Durham
6 miles south-west of Sunderland
11 miles south of Newcastle
Roads
A1(M), A690, A182
Rail
Houghton-le-Spring Railway Station
Air
Newcastle Airport
Situation
The historic town of Houghton-le-Spring in the county of Tyne & Wear is located 11 miles south of Newcastle, 6 miles north of Durham and 6 miles west of Sunderland. The property is situated in the town centre on Newbottle Street, close to its junction with Wheller Street. There is a Lidl supermarket and public car park at the rear of the property. Occupiers nearby include Lloyds, Superdrug, Greggs, Ladbrokes, Post Office and Barclays.
Tenure
Freehold.
Location
Miles
6 miles north-east of Durham
6 miles south-west of Sunderland
11 miles south of Newcastle
Roads
A1(M), A690, A182
Rail
Houghton-le-Spring Railway Station
Air
Newcastle Airport
Situation
The historic town of Houghton-le-Spring in the county of Tyne & Wear is located 11 miles south of Newcastle, 6 miles north of Durham and 6 miles west of Sunderland. The property is situated in the town centre on Newbottle Street, close to its junction with Wheller Street. There is a Lidl supermarket and public car park at the rear of the property. Occupiers nearby include Lloyds, Superdrug, Greggs, Ladbrokes, Post Office and Barclays.
Tenure
Freehold.
Description
The property comprises a ground floor shop with first floor storage accommodation. The second floor is void and not currently used. Part of the ground floor has been sublet.
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 a ground floor shop with first floor storage accommodation. The second floor is void and not currently used. Part of the ground floor has been sublet.
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 Second
Retail Ancillary Void
372 sq m 322 sq m
(4,004 sq ft) (3,466 sq ft)
MACKAYS STORES LIMITED t/a M&Co (2) (3)
10 years from completion on a full repairing and insuring lease subject to a scheduleof condition (1)
£50,000
2023
Total
694 sq m
(7,470 sq ft)
£50,000
(1) Tenant’s option to determine in the 5th 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. (3) Part of the property has been sublet to St Cuthberts Hospice Durham at £12,000 per annum, holding over. The subtenant has proposed a new 5 year lease at £11,000 per annum.