May 2019 Rent Review - a new rent of £45,000 proposed
Lease extension agreed in 2014 extending the lease from 2019 to 2024
Lot 4
Auction 24th October 2019
Rent
Status Sold
Price £510,000
Sector Office
Auction Venue The Montcalm Hotel 2 Wallenberg Place London W1H 7TN
On Behalf of Wesleyan Assurance
Property Information
Location
Miles
13 miles north-west of Darlington
24 miles south-east of Durham
35 miles south of Newcastle upon Tyne
Roads
A1046, A19, A1032
Rail
Stockton Rail
Air
Durham Tees Valley International Airport
Situation
The property is situated in the well established Teesway North Industrial Estate, just off the A1046 within close proximity to the A19 and within 2 miles of Stockton town centre. Middlesbrough town centre is located 2 miles to the east, with the A19/A66 junction 1 mile to the south. The A66 connects to the A1. The property is located on the western side of Teesway, close to its junction with Pennine Avenue. Other traders in the area include Booker, Wickes, Go Outdoors, McDonald's, B&Q and PTS.
Tenure
Freehold.
Location
Miles
13 miles north-west of Darlington
24 miles south-east of Durham
35 miles south of Newcastle upon Tyne
Roads
A1046, A19, A1032
Rail
Stockton Rail
Air
Durham Tees Valley International Airport
Situation
The property is situated in the well established Teesway North Industrial Estate, just off the A1046 within close proximity to the A19 and within 2 miles of Stockton town centre. Middlesbrough town centre is located 2 miles to the east, with the A19/A66 junction 1 mile to the south. The A66 connects to the A1. The property is located on the western side of Teesway, close to its junction with Pennine Avenue. Other traders in the area include Booker, Wickes, Go Outdoors, McDonald's, B&Q and PTS.
Tenure
Freehold.
Description
The property comprises a ground floor and first floor office together with warehouse, staff and storage accommodation. The property has on-site parking within a site of 0.5 acres (0.22 hectares).
VAT
VAT is not applicable to this lot.
EPC
Band D. See legal pack at acuitus.co.uk
Description
The property comprises a ground floor and first floor office together with warehouse, staff and storage accommodation. The property has on-site parking within a site of 0.5 acres (0.22 hectares).
VAT
VAT is not applicable to this lot.
EPC
Band D. See legal pack at acuitus.co.uk
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground First
Office/Warehouse Office/Ancillary
780 sq m 144 sq m
(8,396 sq ft) (1,550 sq ft)
EDMUNDSON ELECTRICAL LIMITED t/a Electric Center (1)
25 years from 01/05/1999 until 30/05/2024 on a full repairing and insuring lease
£38,300
01/05/2019 Rent Review. A new rent of £45,000 proposed
Total
924 sq m
(9,946 sq ft)
£38,300
(1) For the year ended 31st December 2017, Edmundson Electrical Limited reported a turnover of £1,263,885,000, pre-tax profits of £63,470,000 and a net worth of £386,435,000 (Source: Experian 25.09.2019). Electric Center was formed back in October 2006 and is the brightest electrical wholesaler in the country with over 110 branches (Source: ww.electric-center.co.uk).