Let to Mackays Stores Limited (t/a M&Co) on a new 10 year lease (1)
Prominent town centre location
VAT-free Investment
Close to St Cuthberts Walk Shopping Centre
M&Co in occupation since 1982
Lot 78
Auction 11th July 2018
Rent
Status Sold
Price £435,000
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
8 miles north of Durham, 10 miles south of Newcastle
Roads
Al(M), A167, A692
Rail
Chester-le-Street Railway Station
Air
Newcastle Airport
Situation
The market town of Chester-le-Street is situated 8 miles north of Durham and 10 miles south of Newcastle. The town benefits from good road communications, being located close to the A1(M) motorway. The property is located in the town centre on Front Street, close to its junction with Cone Terrace. There are a number of public car parks close by. Occupiers nearby include Coral, Nationwide Building Society, Newcastle Building Society, Superdrug, Greggs, Costa and Boots.
Tenure
Freehold.
Location
Miles
8 miles north of Durham, 10 miles south of Newcastle
Roads
Al(M), A167, A692
Rail
Chester-le-Street Railway Station
Air
Newcastle Airport
Situation
The market town of Chester-le-Street is situated 8 miles north of Durham and 10 miles south of Newcastle. The town benefits from good road communications, being located close to the A1(M) motorway. The property is located in the town centre on Front Street, close to its junction with Cone Terrace. There are a number of public car parks close by. Occupiers nearby include Coral, Nationwide Building Society, Newcastle Building Society, Superdrug, Greggs, Costa and Boots.
Tenure
Freehold.
Description
The property comprises a ground floor shop with staff and storage accommodation. The first floor is void and not currently used.
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 staff and storage accommodation. The first floor is void and not currently used.
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
Retail & Ancillary Void
833 sq m
(8,966 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)
£50,000
2023
Total
833 sq m
(8,966 sq ft)
£50,000
(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 privatelyowned 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.