Multi-let office investment located within established estate
Tenants include BioConstruct and Integrated Electronic Security
Strong road connections via the A66, A19 and A1(M)
Asset management potential
Lot 25
Auction 26th March 2020
Rent £33,050 per Annum Exclusive
Status Withdrawn Prior
Price
Sector Office
Auction Venue The Montcalm Hotel 2 Wallenberg Place Marble Arch 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 made up of 36 office pavillions and 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 crèche, dentist, Greggs, café and hairdresser.
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 made up of 36 office pavillions and 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 crèche, dentist, Greggs, café and hairdresser.
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 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.
VAT
VAT is applicable to this lot.
EPC
Available at acuitus.co.uk
Description
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.
VAT
VAT is applicable to this lot.
EPC
Available at acuitus.co.uk
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x.
Reversion
Ground
Office
133.13 sq m
(1,433 sq ft)
BIOCONSTRUCT NEWENERGY LIMITED (1)
3 years from 01/09/2018
£12,000 (2)
31/08/2021
Ground
Office
101.91 sq m
(1,097 sq ft)
INTEGRATED ELECTRONIC SECURITY LIMITED (3)
5 years from 01/09/2008
£13,250
Holding Over
First
Office
133.13 sq m
(1,433 sq ft)
VACANT POSSESSION
First
Office
101.91 sq m
(1,097 sq ft)
AZTEC CLOTHING LIMITED
3 years from 01/03/2020 (4)
£7,800
28/02/2023
Total
469.52 sq m
(5,060 sq ft)
£33,050
(1) BioConstruct was formed in Germany in 2000 to become a leader in the construction and operation of anaerobic digestion (AD or biogas) plants (Source: www.b-ne.uk 26/02/2020). (2) The rent payable by BioConstruct NewEnergy Limited is inclusive of service charge and insurance rent. (3) IES Security have over 50 years' combined experience in providing high security solutions to many different business sectors (Source: www.iessecurity.co.uk/ 26/02/2020). (4) The lease provides a tenant option to determine on 01/03/2022, subject to 3 months' notice. After 01/03/2022, the tenant has a rolling option to determine subject to 1 month's notice. Aztec is also benefiting from a 3 month rent free period, which expires on 27th May. The vendor has agreed to adjust the completion monies so the unit will effectively produce £7,800 from the completion of the sale.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
Contacts
Seller's Solicitors
Brecher LLP 4th Floor, 64 North Row, Mayfair London W1K 7DA
