Purpose Built Drive-Thru Investment Constructed in 2017
Let to Costa Limited for 15 years from 2017 until 2032 (no breaks)
Upwards only rent reviews linked to the Consumer Price Index (CPI) rising to a minimum of £58,856.56 p.a in 2022 and £61,858.84 p.a. in 2027
Forms part of Vision Retail Park with frontage to the A179
Nearby occupiers include Morrisons, TK Maxx, Boots and Vue Cinemas
Lot 8
Auction 11th December 2019
Rent £56,000 per Annum Exclusive
Status Sold
Price £900,000
Sector Restaurant
Auction Venue The Montcalm Hotel 2 Wallenberg Place London W1H 7TN
On behalf of a Major Investment Manager
Property Information
Location
Miles
10 miles north of Middlesborough
18 miles south-east of Durham
Roads
A179, A689
Rail
Hartlepool Train Station
Air
Newcastle International Airport
Situation
Hartlepool is a seaside town in County Durham, situated on the North Sea coastline. The property forms part of the recently refurbished Vision Retail Park, located just north of Hartlepool town centre, off The Highlight which connects immediately to Marina Way (A179). The scheme sits adjacent to two other retail parks (Anchor and High Point), with occupiers including Morrisons, TK Maxx, Boots and Vue Cinemas.
Tenure
Virtual Freehold. The buyer will be granted a 999 year lease on completion of the sale at a rent of £100 per annum and subject to contributions towards the estate service charges which can be recharged down to the occupational tenant.
Location
Miles
10 miles north of Middlesborough
18 miles south-east of Durham
Roads
A179, A689
Rail
Hartlepool Train Station
Air
Newcastle International Airport
Situation
Hartlepool is a seaside town in County Durham, situated on the North Sea coastline. The property forms part of the recently refurbished Vision Retail Park, located just north of Hartlepool town centre, off The Highlight which connects immediately to Marina Way (A179). The scheme sits adjacent to two other retail parks (Anchor and High Point), with occupiers including Morrisons, TK Maxx, Boots and Vue Cinemas.
Tenure
Virtual Freehold. The buyer will be granted a 999 year lease on completion of the sale at a rent of £100 per annum and subject to contributions towards the estate service charges which can be recharged down to the occupational tenant.
Description
The property, built in 2017, comprises a modern purpose built, single storey drive-thru with indoor and outdoor seating areas. The property benefits from the use of the shared estate customer parking.
VAT
VAT is applicable to this lot.
EPC
Band A. See legal pack at acuitus.co.uk
Description
The property, built in 2017, comprises a modern purpose built, single storey drive-thru with indoor and outdoor seating areas. The property benefits from the use of the shared estate customer parking.
VAT
VAT is applicable to this lot.
EPC
Band A. See legal pack at acuitus.co.uk
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground
Drive-Thru
168.15 sq m
(1,810 sq ft)
COSTA LIMITED (1)
15 years from 06/10/2017 on a full repairing and insuring lease
£56,000
06/10/2022 and five yearly (2)
Total
168.15 sq m
(1,810 sq ft)
£56,000
(1) For the year ending 1st March 2018, Costa Limited reported a turnover of £951,684,000, pre-tax profits of £105,215,000 and a total net worth of £521,738,000 (Source: Experian Group 06/11/2019). Costa has nearly 2,000 outlets across the UK (Source: costa.co.uk 06/11/2019). (2) The Rent Review provisions are linked to the Consumer Price Index subject to a minimum of 1.01% per annum, this allows for minimum increases in 2022 to £58,856.56 p.a and a minimum increase in 2027 to £61,858.84 p.a.
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
