Let to the Secretary of State for Communities and Local Government
HM Courts Service in occupation
Lot 45
Auction 11th July 2019
Rent £89,712 per Annum Exclusive
Status Sold
Price £480,000
Sector Office
Auction Venue The Montcalm Hotel 2 Wallenberg Place London W1H 7TN
Property Information
Location
Miles
14 miles north-west of Sunderland
18 miles north of Durham
52 miles to Carlisle
95 miles north of Leeds
Roads
A1, A19, A1(M), A167(M)
Rail
Newcastle Railway Station
Air
Newcastle International Airport
Situation
Newcastle upon Tyne is one of the major commercial and administrative cities in the North East, with a population of circa 195,000. The city is located 14 miles north-west of Sunderland, 18 miles north of Durham and 52 miles east of Carlisle. The city benefits from good road communications being located on the A1(M), A19 and A69, with the M6 52 miles to the west. The property is located in the city centre in a mixed commercial/residential area at the junction of Waterloo Street and Peel Lane, just to the north of Newcastle Railway Station and next to Grainger Town public car park. Occupiers nearby include the Centre for Life Science and Holiday Inn.
Tenure
Long Leasehold. Held for a term of 175 years from 1st January 2003 at a peppercorn ground rent.
Location
Miles
14 miles north-west of Sunderland
18 miles north of Durham
52 miles to Carlisle
95 miles north of Leeds
Roads
A1, A19, A1(M), A167(M)
Rail
Newcastle Railway Station
Air
Newcastle International Airport
Situation
Newcastle upon Tyne is one of the major commercial and administrative cities in the North East, with a population of circa 195,000. The city is located 14 miles north-west of Sunderland, 18 miles north of Durham and 52 miles east of Carlisle. The city benefits from good road communications being located on the A1(M), A19 and A69, with the M6 52 miles to the west. The property is located in the city centre in a mixed commercial/residential area at the junction of Waterloo Street and Peel Lane, just to the north of Newcastle Railway Station and next to Grainger Town public car park. Occupiers nearby include the Centre for Life Science and Holiday Inn.
Tenure
Long Leasehold. Held for a term of 175 years from 1st January 2003 at a peppercorn ground rent.
Description
The property comprises a ground floor office occupied by the HM Courts Service, Family Division. The upper floors are not included in the sale.
VAT
VAT is applicable to this lot.
EPC
Band D. See legal pack at www.acuitus.co.uk
Description
The property comprises a ground floor office occupied by the HM Courts Service, Family Division. The upper floors are not included in the sale.
VAT
VAT is applicable to this lot.
EPC
Band D. See legal pack at www.acuitus.co.uk
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reversion
Ground
Office
536.4 sq m
(5,774 sq ft)
THE SECRETARY OF STATE FOR COMMUNITIES AND LOCAL GOVERNMENT
15 years from 12/10/2006 on a full repairing and insuring lease
£89,712 (1)
2021
Total
536.4 sq m
(5,774 sq ft)
£89,712
(1) In 2015, a Deed of Variation removed the tenant's 2016 option to determine and reduced the rent from £100,000 per annum.