Iceland Foods
Chichester Road
South Shields
Tyne & Wear
NE33 4HF

Retail Warehouse Investment

  • Let to Iceland Foods Ltd until 2030 (no breaks)
  • Modern purpose build retail unit
  • Approximately 666.45 sq m (7,173 sq ft)
  • 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
    21/Jul/2021
  • Rent
    £129,550 per Annum Exclusive
  • Status
    Contact Us
  • Price*
  • Sector
    Retail Warehouse
  • Auction Venue
    Live Streamed Auction
Important Update
  • Iceland Foods, Chichester Road, South Shields, Tyne & Wear, NE33 4HF
  • Expand
  • Photos
  • Map

* More information on the term "price" can be found here

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.

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

FloorUseFloor Areas
(Approx)
TenantTermRent p.a.xReview
GroundRetail
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
£129,55028/02/2025
(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 £1,000 inclusive of VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Due to the current restrictions in movement throughout the UK, the property may not have been inspected by Acuitus. Some photographs may not be current and these will be dated where this is the case. Plans showing nearby occupiers and mention of nearby occupiers may reflect a dated situation as some tenants are not currently in occupation. Floor areas and accommodation details are likely to have been obtained from VOA.Gov.UK and the Vendor.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    09.07.21
    File Size
    24 MB
    Login to View
  • Catalogue Page
    Updated Date
    01.07.21
    File Size
    1 MB
    View PDF
  • Site Plan
    Updated Date
    01.07.21
    File Size
    880 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    07.10.20
    File Size
    1,016 KB
    View PDF
  • Customer Due Dilligence Form
    Updated Date
    20.05.20
    File Size
    585 KB
    View PDF

Contacts

Acuitus
Peter MayoPeter Mayo +44 (0)20 7034 4864 +44 (0)7833 459318Peter.mayo@acuitus.co.uk
Billy StruthBilly Struth +44 (0)20 7034 4854billy.struth@acuitus.co.uk
Seller's Solicitors
Wallace LLP One Portland Place
London
W1B 1PN
Mark Randolph 0207 467 8755mark.randolph@wallace.co.uk

Useful Links

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