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.
