Multi-let office investment located within established estate
Part let to Accent House Limited
Strong road connections via the A66, A19 and A1(M)
Asset management potential
Lot 11
Auction 11th December 2019
Rent £20,000 per Annum Exclusive
Status Sold
Price £235,000
Sector Office
Auction Venue The Montcalm Hotel 2 Wallenberg Place London W1H 7TN
On behalf of Administrators at Moorfields
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 two office suites. The office accommodation has recently been refurbished and 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.
EPC
Band C. Available in legal pack at acuitus.co.uk.
Description
The property comprises a purpose built, detached office building currently arranged to provide two office suites. The office accommodation has recently been refurbished and 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.
EPC
Band C. Available in legal pack at acuitus.co.uk.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground
Office
237.00 sq m
(2,551 sq ft)
ACCENT HOUSING LIMITED (1)
6 years from 24/10/2019 until 23/10/2025 (2)
£20,000
24/10/2022
First
Office
237.00 sq m
(2,551 sq ft)
VACANT
Total
474.00 sq m
(5,102 sq ft)
£20,000
(1) Accent is a housing association established in 1966 that provides homes and services for a diverse range of customers. The 20,000+ homes, which are spread over the North, East and South of the country, are home to over 35,000 people (Source: https://www.accentgroup.org 08/11/2019). (2) The tenant is currently benefiting from a rent free period due to expire on 24/01/2020. The seller has agreed to adjust the completion monies so the property effectively produces £20,000 p.a.x. from the completion of the sale. The lease provides a tenant option to determine on 24/10/2022 subject to 3 months' notice.
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.
