Multi-let office investment located within established estate
Tenants include Home Group Limited and FSH Recruitment Solutions
Strong road connections via the A66, A19 and A1(M)
Asset management potential
Lot 39
Auction 24th October 2019
Rent
Status Sold
Price £295,000
Sector Office
Auction Venue The Montcalm Hotel 2 Wallenberg Place London W1H 7TN
On behalf of Administrators
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 and Northern Powergrid. Falcon Court also benefits from a creche and dentist.
Tenure
Virtual Freehold. Held for a term of 999 years from completion at a peppercorn rent
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 and Northern Powergrid. Falcon Court also benefits from a creche and dentist.
Tenure
Virtual Freehold. Held for a term of 999 years from completion at a peppercorn rent
Description
The property comprises a purpose built, detached office building currently arranged to provide 5 office suites. The office accommodation benefits from category II lighting and 2.8m floor to ceiling height. The property benefits from the use of shared car parking with other buildings on the estate.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Available in the legal pack.
Description
The property comprises a purpose built, detached office building currently arranged to provide 5 office suites. The office accommodation benefits from category II lighting and 2.8m floor to ceiling height. The property benefits from the use of shared car parking with other buildings on the estate.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Available in the legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x.
Review
Ground
Office
236.62 sq m
(2,547 sq ft)
HOME GROUP LIMITED (1)
10 years from 23/05/2006 until 22/05/2016
£27,375
Holding Over
First
Office
49.33 sq m
(531 sq ft)
FSH RECRUITMENT SOLUTIONS LIMITED (2)
1 year from 01/05/2013 until 30/04/201
£5,000 (3)
Holding over
First
Office
48.59 sq m
(523 sq ft)
WORLDTEL TRADING LTD
3 years from 01/08/2017 (4)
£7,060 (3)
31/07/2020
First
Office
70.98 sq m
(764 sq ft)
LIMEWOOD CONTRACTING SERVICES (UK) LTD
3 years from 26/08/2019 (5)
£10,314 (3)
25/08/2022
First
Office
42.74 sq m
(460 sq ft)
VACANT POSSESSION
Totals
448.26 sq m
(4,825 sq ft)
£49,749
(1) Home Group Limited is a housing association founded in 1935 that houses over 116,000 people in 55,000 homes across England (Source: homegroup.org.uk 26/09/2019). For the year ending 31st March 2018, Home Group Limited reported a turnover of £364,703,000, pre-tax profits of £51,846,000 and a total net worth of £557,766,000 (Source: Experian Group 26/09/2019). (2) FSH Recruitment Solutions, a recruitment specialist founded in 2011, was acquired by Templine Employment Agency along with several other recruitment agencies and since April 2018 all brands are now trading as Siamo Group (Source siamogroup.com 26/09/2019). (3) Rent is inclusive of service charge and insurance. (4) The lease provides for a rolling option to determine subject to 3 months' notice. (5) The lease provides for a rolling option to determine after 26/08/2020, subject to 3 months' notice.