Freehold Convenience Store and Residential Investment
Shop let to Co-Operative Group Food Limited on a new 15 year lease
Includes 3 x two bedroom flats let on Assured Shorthold Tenancies
Situated in a densely populated residential area
Six Week Completion Period Available
Lot 29
Auction 6th December 2012
Rent £51,200 per Annum Exclusive
Status Sold Post
Price
Sector Supermarket
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
3.5 miles south of Middlesbrough city centre, 48 miles north of York
Roads
A19, A174, A1044
Rail
Middlesbrough Railway Station
Air
Newcastle Airport
Situation
Middlesbrough is the major town within the Teesside conurbation and the property is situated in Brookfield, a popular residential suburb approximately 3.5 miles south of the town centre. The property is situated within an established parade.
Tenure
Freehold.
Location
Miles
3.5 miles south of Middlesbrough city centre, 48 miles north of York
Roads
A19, A174, A1044
Rail
Middlesbrough Railway Station
Air
Newcastle Airport
Situation
Middlesbrough is the major town within the Teesside conurbation and the property is situated in Brookfield, a popular residential suburb approximately 3.5 miles south of the town centre. The property is situated within an established parade.
Tenure
Freehold.
Description
The property comprises a ground floor convenience store, with residential accommodation on the first floor. The ground floor of the property is formed of three retail units, combined to create one large retail premises which also benefits from a post office counter. The first floor residential accommodation comprises three twobedroom flats.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor convenience store, with residential accommodation on the first floor. The ground floor of the property is formed of three retail units, combined to create one large retail premises which also benefits from a post office counter. The first floor residential accommodation comprises three twobedroom flats.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground
Retail
345.65 sq m
(3,721 sq ft)
CO-OPERATIVE GROUP FOOD LIMITED (1)
15 years from 03/10/2012 until 2027 on a full repairing and insuring lease (2)
£36,000
2017 and 5 yearly thereafter
First
Residential – Three x Two Bedroom Flats
INDIVIDUAL
Let on Assured Shorthold Tenancies
£15,200
Ground Floor Total
345.65 sq m
(3,721 sq ft)
£51,200
(1) Co-Operative Group Food Limited (IP26715R) are a subsidiary company of Co-Operative Group Limited, the UK’s largest mutual business. The Group operates 4,800 retail trading outlets and employs more than 106,000 people. (Source: www.co-operative.co.uk) For the year ending 31st December 2011, Co-Operative Group Limited reported a turnover of £12,318,000,000, pre-tax profits of £231,000,000 and a net worth of £3,501,000,000. (Source: www.riskdisk.com) (2)The Tenant is currently benefiting from a rent free period due to expire on 3rd April 2013. The Seller has agreed to adjust the completion monies so that the property will effectively produce £51,200 from completion of the sale.
