Popular regional Entertainment Venue let until 2034 (subject to option)
Comprises approximately 2,522.8 sq m (27,155 sq ft) of leisure accommodation
Large site approximately 2.16 hectares (5.30 acres)
Low site coverage of approximately 12%
Good access routes being close to A690
Includes Car Parking for approximately 450 cars
Lot 36
Auction 5th May 2021
Rent £150,000 per Annum Exclusive
Status Sold
Price £1,725,000
Sector Leisure
Auction Venue Live Streamed Auction
On Behalf of Receivers A B Hughes and J P Smith
Property Information
Location
Miles
1 mile south of Houghton le Spring
9 miles north-east of Durham
Roads
A690, A1(M)
Air
Newcastle Airport
Situation
Houghton le Spring is located approximately 9 miles north-east of Durham. The property is situated approximately 1 mile of the town in a prominent location just west of the A690 dual carriageway, which in turn provides access to J62 of the A1(M). The property is in a predominately industrial location with nearby occupiers including TNT, KASL Precision Engineering and TRW Systems. Rainton Bridge Business Park is also located nearby,
Tenure
Freehold.
Location
Miles
1 mile south of Houghton le Spring
9 miles north-east of Durham
Roads
A690, A1(M)
Air
Newcastle Airport
Situation
Houghton le Spring is located approximately 9 miles north-east of Durham. The property is situated approximately 1 mile of the town in a prominent location just west of the A690 dual carriageway, which in turn provides access to J62 of the A1(M). The property is in a predominately industrial location with nearby occupiers including TNT, KASL Precision Engineering and TRW Systems. Rainton Bridge Business Park is also located nearby,
Tenure
Freehold.
Description
The property comprises a steel portal framed industrial unit with an eaves height of approximately 5 metres, currently used as a function suite and venue. The property benefits from a mezzanine level and three pavilions with further seating/conference space . The site area is approximately 2.16 hectares (5.30 acres), with a low site coverage of approximately 12%. The property benefits from parking for approximately 450 cars.
Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge, but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
Completion Period
Six Week Completion
EPC
See legal pack.
Description
The property comprises a steel portal framed industrial unit with an eaves height of approximately 5 metres, currently used as a function suite and venue. The property benefits from a mezzanine level and three pavilions with further seating/conference space . The site area is approximately 2.16 hectares (5.30 acres), with a low site coverage of approximately 12%. The property benefits from parking for approximately 450 cars.
Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge, but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
Completion Period
Six Week Completion
EPC
See legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
(Reversions)
Ground Mezzanine Pavillions
Industrial / Events Conference
1,665.14 sq m 557.66 sq m 300.00 sq m
(17,924 sq ft) (6,002 sq ft) (3,229 sq ft)
RAINTON ARENA LIMITED
15 years from 16/09/2019 on a full repairing and insuring lease (1)
£150,000 (2)
(15/09/2034)
Totals
2,522.8 sq m
(27,155 sq ft)
£150,000
(1) The lease provides for a tenant option to determine the lease on 16th September 2024 and 2029.
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.
