Freehold Ground Rents together with surrounding site areas
Substantial Business park management opportunity
Strong road connections via the A66, A19 and A1(M)
Located on the established and popular Preston Farm Business Park
Comprises the freehold interest of 34 buildings together with extensive landscaping, access roads and shared car parking areas
Lot 21
Auction 10th December 2020
Rent £400 per Annum Exclusive
Status Sold
Price £202,000
Sector Ground Rent
Auction Venue Live Streamed Auction
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 Railway Station
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 creche, dentist, Greggs and hairdresser.
Tenure
Freehold.
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 Railway Station
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 creche, dentist, Greggs and hairdresser.
Tenure
Freehold.
Description
The property is the residual freehold interest of Falcon Court Business Park comprising some 34 buildings, providing mainly office accommodation together with some retail, restaurant and healthcare facilities. In addition to the buildings, which provide accommodation in excess of 200,000 sq ft, there are communal parking areas, providing parking for in excess of 900 cars, estate roads and landscaped areas all within the demise. There are an additional two office buildings on Falcon Court, the freeholds of which have been sold off. The footprints of the 34 buildings are underlet on leases which were originally granted for terms of 125, 250 and 999 years at nominal rents and currently produce a total ground rent across all the buildings of £400 per annum exclusive.
Within this sale, the communal car parking areas, access roadways and landscaping surrounding the buildings are included. The tenants of the various buildings have the right to use these additional areas and in return, the tenants pay an estate service charge for the freeholder to manage and maintain.
In addition there are two buildings on the estate which have been sold off on a freehold basis although the purchasers of these buildings still contribute towards the estate service charge.
There may be opportunities to develop further areas of the estate (subject to consents), to re-gear existing head leases and to benefit from changes of use not currently permitted by the current head leases.
Full title plans and a tenancy schedule are available to download from the legal pack.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property is the residual freehold interest of Falcon Court Business Park comprising some 34 buildings, providing mainly office accommodation together with some retail, restaurant and healthcare facilities. In addition to the buildings, which provide accommodation in excess of 200,000 sq ft, there are communal parking areas, providing parking for in excess of 900 cars, estate roads and landscaped areas all within the demise. There are an additional two office buildings on Falcon Court, the freeholds of which have been sold off. The footprints of the 34 buildings are underlet on leases which were originally granted for terms of 125, 250 and 999 years at nominal rents and currently produce a total ground rent across all the buildings of £400 per annum exclusive.
Within this sale, the communal car parking areas, access roadways and landscaping surrounding the buildings are included. The tenants of the various buildings have the right to use these additional areas and in return, the tenants pay an estate service charge for the freeholder to manage and maintain.
In addition there are two buildings on the estate which have been sold off on a freehold basis although the purchasers of these buildings still contribute towards the estate service charge.
There may be opportunities to develop further areas of the estate (subject to consents), to re-gear existing head leases and to benefit from changes of use not currently permitted by the current head leases.
Full title plans and a tenancy schedule are available to download from the legal pack.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
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.
