Prominent road side site extending to some 0.25 hectares (0.62 acres)
2025 open market rent review minimum of £146,574
Neighbouring occupiers include ALDI and KFC.
Lot 12
Auction 21st July 2021
Rent £129,550 per Annum Exclusive
Status Withdrawn Prior
Price
Sector Retail Warehouse
Auction Venue Live Streamed Auction
Property Information
Location
Miles
11 miles east of Newcastle, 8 miles north of Sunderland
Roads
A1, A194(M)
Rail
South Shields Metro Station (direct link to Gateshead, Sunderland, Newcastle and Newcastle Airport)
Air
Newcastle International Airport
Situation
The property is prominently located on Chichester Road (B1298) in a well established commercial area approximately 0.6 miles south of South Shields town centre. Neighbouring occupiers include ALDI and KFC.
Tenure
Virtual Freehold. 999 years from 8th August 1997 at a peppercorn rent.
Location
Miles
11 miles east of Newcastle, 8 miles north of Sunderland
Roads
A1, A194(M)
Rail
South Shields Metro Station (direct link to Gateshead, Sunderland, Newcastle and Newcastle Airport)
Air
Newcastle International Airport
Situation
The property is prominently located on Chichester Road (B1298) in a well established commercial area approximately 0.6 miles south of South Shields town centre. Neighbouring occupiers include ALDI and KFC.
Tenure
Virtual Freehold. 999 years from 8th August 1997 at a peppercorn rent.
Description
The property comprises a modern purpose built retail unit with extensive ground floor retail accommodation with car parking to the front. Site area approximately 0.25 hectares (0.62 acres).
VAT
VAT is applicable to this lot.
Completion Period
Five Week Completion
EPC
Band C. See legal pack.
Description
The property comprises a modern purpose built retail unit with extensive ground floor retail accommodation with car parking to the front. Site area approximately 0.25 hectares (0.62 acres).
VAT
VAT is applicable to this lot.
Completion Period
Five Week Completion
EPC
Band C. See legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground
Retail
666.45 sq m
(7,173 sq ft)
ICELAND FOODS LIMITED (1) t/a Iceland
25 years from 28/02/2005 until 27/02/2030 on a full repairing and insuring lease
£129,550
28/02/2025 (2)
Total
666.45 sq m
(7,173 sq ft)
£129,550
(1) For the year ending 27th March 2020 Iceland Foods Limited reported a turnover of £3,191,500,000, a pre-tax profit of £1,400,000 and shareholder funds of £810,700,000 (Source: NorthRow 28/06/2021). Iceland Foods Limited was incorporated in 1973 and now trades from over 900 stores across the UK and 40 stores across Europe. (2) The lease provides for the rent to be reviewed to the higher of open market rental value or 2.5% per annum compound of the original rent (£89,450) from the 28th February 2005 to the relevant review date. Therefore, at the 2025 review, the rent will increase to a minimum of £146,574.
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.
