Victor House, Falcon Court Preston Farm Industrial Estate Stockton-on-Tees County Durham TS18 3TS

  • Victor House, Falcon Court<br>Preston Farm Industrial Estate<br>Stockton-on-Tees<br>County Durham<br>TS18 3TS

Victor House, Falcon Court
Preston Farm Industrial Estate
Stockton-on-Tees
County Durham
TS18 3TS

Modern Retail Investment

  • Two retail units within established business park
  • Part let to Greggs Plc until 2029 (subject to option)
  • Located in the centre of Falcon Court surrounded by over 30 office buildings
  • Occupiers within the Business Park include The NHS, AES Seal Plc and Home Group Limited
  • Lot
    26
  • Auction
    4th April 2019
  • Rent
    £25,500 per Annum Exclusive
  • Status
    Sold
  • Price
    £360,000
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On behalf of administrators Moorfields
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Modern Retail Investment

  • Two retail units within established business park
  • Part let to Greggs Plc until 2029 (subject to option)
  • Located in the centre of Falcon Court surrounded by over 30 office buildings
  • Occupiers within the Business Park include The NHS, AES Seal Plc and Home Group Limited
  • Lot 26
  • Auction 4th April 2019
  • Rent £25,500 per Annum Exclusive
  • Status Sold
  • Price £360,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On behalf of administrators Moorfields

Property Information

Location
Miles
13 miles north-west of Darlington, 24 miles south-east of Durham, 35 miles south of Newcastle upon Tyne
Roads
A66, A19 and A1(M)
Rail
Stockton Rail
Air
Durham Tees Valley International Airport
Situation

Falcon Court is located on the established and popular Preston Farm Business Park, just two miles south of Stockton-on-Tees town centre. The business park benefits from strong road connections via the A135, A66 and A1(M). Occupiers within the Business Park include The NHS, AES Seal Plc, Home Group Limited and Northern Powergrid. Falcon Court also benefits from a creche and dentist.

Tenure

Virtual Freehold. Disposal to be by way of the grant of a new lease for a term of 999 years from completion at a peppercorn rent which shall include rights to parking.

Location
Miles
13 miles north-west of Darlington, 24 miles south-east of Durham, 35 miles south of Newcastle upon Tyne
Roads
A66, A19 and A1(M)
Rail
Stockton Rail
Air
Durham Tees Valley International Airport
Situation

Falcon Court is located on the established and popular Preston Farm Business Park, just two miles south of Stockton-on-Tees town centre. The business park benefits from strong road connections via the A135, A66 and A1(M). Occupiers within the Business Park include The NHS, AES Seal Plc, Home Group Limited and Northern Powergrid. Falcon Court also benefits from a creche and dentist.

Tenure

Virtual Freehold. Disposal to be by way of the grant of a new lease for a term of 999 years from completion at a peppercorn rent which shall include rights to parking.

Description

The property comprises two ground floor retail units arranged as an L shape. The property benefit from rights to parking.

VAT

VAT is applicable to this lot.

Note

This property is being marketed for sale on behalf of Joint Administrators and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Administrators to the best of their knowledge, but the purchaser must rely solely upon their own enquiries. The Joint Administrators are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

EPC

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

Description

The property comprises two ground floor retail units arranged as an L shape. The property benefit from rights to parking.

VAT

VAT is applicable to this lot.

Note

This property is being marketed for sale on behalf of Joint Administrators and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Administrators to the best of their knowledge, but the purchaser must rely solely upon their own enquiries. The Joint Administrators are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

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 Reviews
Ground Retail 106.75 sq m (1,149 sq ft) GREGGS PLC (1) 10 years from
07/02/2019 until
06/02/2029 (2)		 £12,500 07/02/2024
Ground Retail
145.39 sq m
(1,565 sq ft)
 INDIVIDUALS
t/a Shine Hair &
Beauty (3)		 10 years from
25/07/2014 until
24/07/2024 (4)		 £13,000 25/07/2019
Total
252.14 sq m
(2,714 sq ft)
     £25,500  

(1) For the year ending 30 December 2017, Greggs Plc reported a turnover of £960,005,000, pre-tax profits of £71,945,000 and a total net worth of £284,626,000 (Source: Experian Group 07/03/2019).
(2) The lease provides a tenant option to determine on 07/02/2024.
(3) www.shine-hairandbeauty.co.uk
(4) The tenant did NOT exercise their July 2019 break option and the notice period has now passed.

Contacts

Seller's Solicitors
Brecher LLP 64 North Row
London
W1K 7DA
James Empson 0207 563 1039jempson@brecher.co.uk

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk
Property InsuranceBrown & BrownNatasha WardBroking Director+44 7545 208 759bbrown.com

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