Eggleston Court Riverside Park Middlesbrough North Yorkshire TS2 1RU

Eggleston Court
Riverside Park
Middlesbrough
North Yorkshire
TS2 1RU

Freehold Office Park Investment

  • Comprises eight office buildings with about 180 car parking spaces
  • Established business park adjacent to A66
  • Let to tenants including Svenska Handelsbanken, Wasley Chapman LLP and Barker & Stonehouse Limited
  • Includes new letting from November 2018 to Barker & Stonehouse Limited
  • Over 40,800 sq ft of office accommodation on 3.25 acre site
  • Asset management opportunities
  • High yielding and low capital value per sq ft on Guide Price
  • Lot
    62
  • Auction
    5th December 2018
  • Rent
    £124,810 per Annum Exclusive
  • Status
    Sold
  • Price
    £1,041,000
  • Sector
    Office
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
Important Update
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

Freehold Office Park Investment

  • Comprises eight office buildings with about 180 car parking spaces
  • Established business park adjacent to A66
  • Let to tenants including Svenska Handelsbanken, Wasley Chapman LLP and Barker & Stonehouse Limited
  • Includes new letting from November 2018 to Barker & Stonehouse Limited
  • Over 40,800 sq ft of office accommodation on 3.25 acre site
  • Asset management opportunities
  • High yielding and low capital value per sq ft on Guide Price
  • Lot 62
  • Auction 5th December 2018
  • Rent
  • Status Sold
  • Price £1,041,000
  • Sector
    Office
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG

Property Information

Location
Miles
1 mile north-west of Middlesbrough town centre, 40 miles south-east of Newcastle upon Tyne
Roads
A19, A66, A1 (M)
Rail
Middlesbrough Railway Station
Air
Durham Tees Valley Airport, Newcastle Airport
Situation

Eggleston Court is situated off Startforth Road on Riverside Park, Middlesbrough’s principal business park. Riverside Park is situated adjacent to the A66 and is approximately half a mile from the A19. Middlesbrough railway station is within a five minute drive from the property and Durham Tees Valley Airport is 11 miles to the west.

Tenure

Freehold. NB: The sale also includes the long leasehold interests (125 years from January 1990) granted at the Estate.

Location
Miles
1 mile north-west of Middlesbrough town centre, 40 miles south-east of Newcastle upon Tyne
Roads
A19, A66, A1 (M)
Rail
Middlesbrough Railway Station
Air
Durham Tees Valley Airport, Newcastle Airport
Situation

Eggleston Court is situated off Startforth Road on Riverside Park, Middlesbrough’s principal business park. Riverside Park is situated adjacent to the A66 and is approximately half a mile from the A19. Middlesbrough railway station is within a five minute drive from the property and Durham Tees Valley Airport is 11 miles to the west.

Tenure

Freehold. NB: The sale also includes the long leasehold interests (125 years from January 1990) granted at the Estate.

Description

The property comprises a purpose built business park comprising eight office buildings (two of which are detached), each arranged over ground and first floors. The offices benefit from suspended ceilings, CAT II lighting and a generous car parking provision of about 180 spaces.

VAT

VAT is applicable to this lot.

Completion Period

Eight Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises a purpose built business park comprising eight office buildings (two of which are detached), each arranged over ground and first floors. The offices benefit from suspended ceilings, CAT II lighting and a generous car parking provision of about 180 spaces.

VAT

VAT is applicable to this lot.

Completion Period

Eight 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 Reviews
1 Ground Offices/
Ancillary
238.00 sq m
(2,562 sq ft)
TEAM FOSTERING (1) 10 years from
01/09/2015 until
31/08/2025
£12,810 01/09/2020
  First Offices/
Ancillary
238.00 sq m
(2,562 sq ft)
SVENSKA
HANDELSBANKEN A B
(publ) (2)
10 years from
11/06/2013 until
10/06/2023
£15,500 -
2 Ground/First Offices/
Ancillary
473.79 sq m
(5,100 sq ft)
EMERSON PROCESS
MANAGEMENT LIMITED
(3)
5 years from
22/06/2016 until
21/06/2021
£38,500 -
3 Ground/First Offices/
Ancillary
473.79 sq m
(5,100 sq ft)
ACT RESPONSE
LIMITED (4)
5 years from
29/09/2015 until
28/09/2020
£33,000 -
4 & 5 Ground/First Offices/
Ancillary
947.58 sq m
(10,200 sq ft)
VACANT (5) - - -
6 Ground/First Offices/
Ancillary
473.79 sq m
(5,100 sq ft)
VACANT (5) - - -
7 Ground Offices/
Ancillary
238.00 sq m
(2,562 sq ft)
BARKER &
STONEHOUSE LIMITED
(6)
5 years from
November 2018
November 2023 (6)
£11,000 -
  First Offices/
Ancillary
238.00 sq m
(2,562 sq ft)
WASLEY CHAPMAN LLP
(7)
10 years and 4
months 19/01/2016
until 18/05/2026 (7)
£14,000 rising
to £15,000 in
19/05/2019 (7)
19/05/2021
8 Ground/First Offices/
Ancillary
473.81 sq m
(5,100 sq ft)
VACANT (5) - - -
Total
3,794.76 sq m
(40,848 sq ft)
    £124,810  

(1) Team Fostering is an independent fostering agency, established in 2001 to provide safe, high quality, family based care for children who are looked after by the Local Authority (Source: www.teamfostering.co.uk 06/11/2018).
(2) Founded in 1871, Handelsbanken is one of Sweden’s leading banks with over 800 branches in more than 20 countries, and nearly 12,000 employees (Source: www.handelsbanken.co.uk 06/11/2018). The lease was subject to a tenant only break option in June 2018, which was not exercised.
(3) Emerson is a highly focused software company. For the year ending 30th September 2017, Emerson Process Management Limited reported a turnover of £184,874,000, pre-tax profits of £13,096,000 and a total net worth of £139,922,000 (Sources: www.emerson.com and Experian Group 06/11/2018). The lease was subject to tenant only break options in December 2017 and June 2019 (subject to 9 month notice periods), both of which were not exercised.
(4) ACT Response are wirefree specialists installing 4th generation wireless security and safety systems for homes and businesses (Source: www.actresponse.com 06/11/2018). The lease was subject to a tenant only break option in December 2017, which was not exercised.
(5) All the vacant units are occupied by charitable organisations on flexible terms paying a proportion of the rates – please see legal pack.
(6) Barker & Stonehouse is the UK’s largest independent, family-run furniture retailer and was founded in 1946. For the year ending 2nd April 2017, Barker & Stonehouse reported a turnover of £66,372,000, pre-tax profits of £4,111,000 and a total net worth of £22,688,000 (Sources: www.barkerandstonehouse.co.uk and Experian Group 06/11/2018). The lease provides for a tenant option to determine on the second anniversary of term commencement.
(7) Wasley Chapman was founded in 1918 and is a firm of accountants with offices in Redcar, Whitby, Saltburn, Guisborough and Scarborough (Source: www.wasley-chapman.co.uk 06/11/2018). A rent deposit of £2,500 is held by the Seller. The lease provides for a tenant option to determine on 19th May 2021. If the tenant does not serve the break notice, a 3 month rent-free period will be granted from 19th May 2021.

Property Documents

  • Catalogue Page
    Updated Date
    28.10.19
    File Size
    1 MB
    View PDF
  • Site Plan
    Updated Date
    28.10.19
    File Size
    490 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
Seller's Solicitors
Lawrence Stephens Solicitors 50 Farringdon Road
London
EC1M 3HE
Craig Mullen 0207 936 8888cmullen@lawstep.co.uk

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

By clicking the Submit button I confirm that I would like to register my interest in this Property. Please email me updates when they are published.

If you have a query, please fill in the box below, otherwise click the Submit button.

You have 200 character(s) left.

Are you sure you want to remove this property from My Catalogue?

Are you sure you are no longer interested in this property?

Are you sure you want to delete your Account?

Making the buying and selling of property a seamless experience
Everything you need to know whether you are a buyer or sellerHelp Centre
How can Acuitus Finance help you with bridging finance
How can Acuitus Finance help you with bridging financeObtain bridging finance now