10 year lease renewal from July 2017 (subject to option)
Tenant in occupation for at least 16 years
Pedestrianised city centre location close to The Bridges Shopping Centre
Lot 75
Auction 18th October 2018
Rent £30,700 per Annum Exclusive
Status Sold
Price £305,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
13 miles south-east of Newcastle upon Tyne, 13 miles south-west of Durham
Roads
A1018, A1231, A19, A1(M)
Rail
Sunderland Railway Station
Air
Newcastle Airport
Situation
The property is prominently situated on the south side of the busy pedestrianised Blandford Street in the heart of the city centre, close to The Bridges Shopping Centre which houses occupiers including Debenhams, TK Maxx, H&M and Next. Other nearby occupiers include Betfred, Home Bargains, Peacocks and Yorkshire Bank.
Tenure
Freehold.
Location
Miles
13 miles south-east of Newcastle upon Tyne, 13 miles south-west of Durham
Roads
A1018, A1231, A19, A1(M)
Rail
Sunderland Railway Station
Air
Newcastle Airport
Situation
The property is prominently situated on the south side of the busy pedestrianised Blandford Street in the heart of the city centre, close to The Bridges Shopping Centre which houses occupiers including Debenhams, TK Maxx, H&M and Next. Other nearby occupiers include Betfred, Home Bargains, Peacocks and Yorkshire Bank.
Tenure
Freehold.
Description
The property comprises ground floor retail accommodation and first floor ancillary accommodation.
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 ground floor retail accommodation and first floor ancillary accommodation.
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/ (Reversion)
Ground First
Retail Ancillary
110.6 sq m 48.4 sq m
(1,191 sq ft) (521 sq ft)
BRITISH HEART FOUNDATION (1)
10 years from 01/7/2017 on a full repairing and insuring lease (2)
£30,700
01/7/2022 (30/6/2027)
Total
159 sq m
(1,712 sq ft)
£30,700
(1) Founded in 1961, British Heart Foundation is a registered charity that funds over £100 million of research each year into all heart and circulatory diseases. They have over 500 charity shops and over 170 Furniture and Electrical stores on high streets throughout the UK (Source: www.bhf.org.uk 22/8/2018). (2) The lease provides for a tenant option to determine on 01/07/2022.
