Multi-let office investment located within established estate
Tenants include Tees Valley Community Foundations
Strong road connections via the A66, A19 and A1(M)
Asset management potential
Lot 18
Auction 11th December 2019
Rent £31,275 per Annum Exclusive
Status Sold Post
Price
Sector Office
Auction Venue The Montcalm Hotel 2 Wallenberg Place London W1H 7TN
On behalf of Administrators at
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
The property comprises a purpose built, detached office building currently arranged to provide 4 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.
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
The property comprises a purpose built, detached office building currently arranged to provide 4 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.
Tenure
Virtual Freehold. Held for a term of 999 years from completion at a peppercorn rent.
Description
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.
VAT
VAT is applicable to this lot.
EPC
Band C. Available in legal pack.
Description
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.
VAT
VAT is applicable to this lot.
EPC
Band C. Available in legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x.
Ground
Office
133.04 sq m
(1,432 sq ft)
ABERMED LIMITED t/a Iqarus (1)
6 years from 04/07/2018 (2)
£19,275
Ground
Office
102.01 sq m
(1,098 sq ft)
VACANT (3)
First
Office
133.04 sq m
(1,432 sq ft)
TEES VALLEY COMMUNITY FOUNDATION (4)
10 years from 19/07/2010
£12,000
First
Office
102.01 sq m
(1,098 sq ft)
VACANT
Total
470.10 sq m
(5,060 sq ft)
£31,275
(1) Iqarus operates across the medical spectrum from primary care and occupational health, to advanced pre-hospital trauma care, through to full scale laboratory, radiological, diagnostic and surgical capabilities (Source: www.iqarus.com/en/about-us 08/11/2019). (2) The lease provides an annual option to determine on 04/07/2020, subject to 3 months' notice. (3) Abermed Limited has expressed interest in taking additional space. (4) Tees Valley Community Foundation is a charity with the prime objective of improving the quality of life of the people of the Tees Valley by gathering and distributing resources given to them by local donors for the benefit of the people (Source: teesvalleyfoundation.org).
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.
