Starbucks Drive-Thru
Cargo Fleet Lane
Middlesbrough
TS3 8EJ

Newly Developed Purpose Built Drive-Thru Investment

  • Strategically located off A66 in established trade counter location
  • Entirely let to 23.5 Degrees Limited t/a Starbucks until 20/05/2038 (subject to break options)
  • 9 1/2 years term certain
  • Newly developed and well configured drive-thru site with car parking
  • Rent
    £73,289 per Annum Exclusive
  • Status
    Available
  • Price*
    £1,150,000
  • Sector
    Motor Trade/Petrol Station
  • Starbucks Drive-Thru<br>Cargo Fleet Lane<br>Middlesbrough<br>TS3 8EJ
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  • Photos
  • Map

Proposal

  • We are seeking offers in excess of £1,150,000 subject to contract and exclusive of VAT. A purchase at this level will reflect a Net Initial Yield of 6.02% after standard purchaser's costs.

Property Information

Location
22 miles south-east of Durham, 35 miles south-east of Newcastle, 50 miles north of York, 65 miles north of Leeds
A66, A1(M)
Middlesbrough Railway Station (direct services to Newcastle, York and Leeds
Durham Tees Valley International Airport, Newcastle Airport
Situation

The property is situated in a well established trade counter/industrial location on the east side of Cargo Fleet Lane, a busy arterial route between the A66 and A174 and is the principal trading location to the east of the town centre. Nearby occupiers include Lidl, McDonald’s, Screwfix, Howdens, Jewson, Enterprise Rent-A-Car, Dulux Decorator Centre and car dealerships including Ford, Vauxhall, Seat and Nissan. Additionally, the Riverside Stadium, home to Middlesbrough FC is also close by.

Tenure

Freehold.

Description

The property comprises a newly constructed purpose built drive-thru restaurant totalling 175.12 sq m (1,885 sq ft). Construction works were completed in June 2018 and the unit has been fitted out in Starbucks current corporate branding . The property benefits from significant prominence to Cargo Fleet Lane, a well configured site and marked parking spaces for 29 cars.

VAT

VAT is applicable to this lot.

Note

It is therefore anticipated that the sale will be treated as a transfer of a going concern (TOGC).

EPC

EPC rating of B - 35. A copy of the certificate is available on request.

Tenancy & Accommodation

TenantTermRent p.a.x.Rent ReviewsBreak options
23.5 Degrees
Limited (1)
20 years from
21/05/2018 until
20/05/2038 on a
full repairing and
insuring lease
£73.288.80 (2)21/05/2023 & 5
yearly thereafter
21/05/2028 &
21/05/2033
Total
£73.288.80 (2)

(1) 23.5 Degrees was Starbucks first UK franchised business partner. The company opened their first unit in February 2013 and now have 55 units across the UK with another 23 sites planned over the next year. For further information please visit; www.23-5degrees.com.
(2) The tenant is currently benefitting from a rent free period due to expire 20/05/2019. Vendor to top up rent free.

Property Documents

  • Site Plan
    Updated Date
    29.11.18
    File Size
    406 KB
    View JPG
  • Catalogue Page
    Updated Date
    29.11.18
    File Size
    2 MB
    View PDF

Contacts

Acuitus
Will MooreWill Moore +44 (0)20 7034 4858 +44 (0)7899 877 224will.moore@acuitus.co.uk

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