Costa Drive Thru
Vision Retail Park
Hartlepool
County Durham
TS24 0YA

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
    11/Dec/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
Important Auction & Property Update
  • Costa Drive Thru<br>Vision Retail Park<br>Hartlepool<br>County Durham<br>TS24 0YA
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* More information on the term "price" can be found here

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.

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

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReviews
GroundDrive-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£56,00006/10/2022
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 £1,000 inclusive of VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Due to the current restrictions in movement throughout the UK, the property may not have been inspected by Acuitus. Some photographs may not be current and these will be dated where this is the case. Plans showing nearby occupiers and mention of nearby occupiers may reflect a dated situation as some tenants are not currently in occupation. Floor areas and accommodation details are likely to have been obtained from VOA.Gov.UK and the Vendor.

Property Documents

  • Site Plan
    Updated Date
    20.11.19
    File Size
    930 KB
    View PDF
  • Catalogue Page
    Updated Date
    20.11.19
    File Size
    549 KB
    View PDF
  • Common Auction conditions
    Updated Date
    19.09.19
    File Size
    150 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    20.05.20
    File Size
    694 KB
    View PDF
  • Customer Due Dilligence Form
    Updated Date
    20.05.20
    File Size
    585 KB
    View PDF

Contacts

Acuitus
Billy StruthBilly Struth +44 (0)20 7034 4854billy.struth@acuitus.co.uk
Seller's Solicitors
Birketts LLP Kingfisher House, 1 Gilders Way,
Off Barrack Street,
Norwich,
NR3 1UB
Cara Keen 01603 542678 Cara-Keen@birketts.co.uk

Useful Links

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