Eight self-contained office units totalling approximately 1,384 sq m (14,904 sq ft)
Prominent corner position fronting A1290 and A195
Tenants include Barnardos, Panda Sourcing Ltd and SSE Services plc
Nearby occupiers include Kwik Fit, Arc Car Washing and National Tyres and Autocentre
On-site car parking
Six Week Completion Period Available
Lot 6
Auction 14th February 2013
Rent £79,310 per Annum Exclusive
Status Sold
Price £450,000
Sector Office
Auction Venue Millennium Hotel 44 Grosvenor Square London W1K 2HP
On Behalf of Joint Fixed Charge Receivers, Deloitte Real Estate
Property Information
Location
Miles
7 miles west of Sunderland, 7.5 miles south-east of Newcastle upon Tyne
Roads
A1 (M), A19, A194 (M), A195, A1231, A1290
Air
Newcastle International Airport
Situation
The property is situated in a prominent corner position fronting Tower Road and both the A1290 and A195, some 7.5 miles south of Newcastle upon Tyne. The property benefits from excellent communication links being within easy access of the A1231 Sunderland Highway, A19, A194 (M) and A1 (M). Nearby occupiers include Kwik Fit, Arc Car Washing and National Tyres and Autocentre.
Tenure
Freehold.
Location
Miles
7 miles west of Sunderland, 7.5 miles south-east of Newcastle upon Tyne
Roads
A1 (M), A19, A194 (M), A195, A1231, A1290
Air
Newcastle International Airport
Situation
The property is situated in a prominent corner position fronting Tower Road and both the A1290 and A195, some 7.5 miles south of Newcastle upon Tyne. The property benefits from excellent communication links being within easy access of the A1231 Sunderland Highway, A19, A194 (M) and A1 (M). Nearby occupiers include Kwik Fit, Arc Car Washing and National Tyres and Autocentre.
Tenure
Freehold.
Description
The property comprises two single storey office buildings, each providing four self-contained office units. The property also benefits from on site car parking.
Note
This property is being marketed for sale on behalf of Joint Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including but not limited to VAT, can be given. The information in these particulars has been provided by the Joint Fixed Charge Receivers based on the information available to them, but the purchaser must rely solely upon their own enquiries. The Joint Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
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 comprises two single storey office buildings, each providing four self-contained office units. The property also benefits from on site car parking.
Note
This property is being marketed for sale on behalf of Joint Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including but not limited to VAT, can be given. The information in these particulars has been provided by the Joint Fixed Charge Receivers based on the information available to them, but the purchaser must rely solely upon their own enquiries. The Joint Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
House
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reversions
Cuthbert House
1
Ground
Office
173 sq m
(1,863 sq ft)
ZOOM CCTV (NORTH EAST) LTD (1)
5 years from 21/10/2010
£18,910
20/10/2015
2
Ground
Office
173 sq m
(1,863 sq ft)
PANDA SOURCING LTD
5 years from 09/09/2012
£15,000 (2)
08/09/2017
3
Ground
Office
173 sq m
(1,863 sq ft)
BARNARDOS (3)
5 years from 27/02/2012 (4)
£14,000
26/02/2017
4
Ground
Office
173 sq m
(1,863 sq ft)
VACANT
Bede House
5
Ground
Office
173 sq m
(1,863 sq ft)
VACANT
6
Ground
Office
173 sq m
(1,863 sq ft)
BTCV ENTERPRISES LTD (5)
3 years from 01/04/2012
£15,000
31/03/2015
7
Ground
Office
173 sq m
(1,863 sq ft)
VACANT
8
Ground
Office
173 sq m
(1,863 sq ft)
SSE SERVICES PLC (6)
5 years from 24/12/2011
£16,400
23/12/2016
Totals
1,384 sq m
(14,904 sq ft)
£79,310
(1) Zoom CCTV was acquired in 2006 by VtecZoom who have 25 years experience installing and servicing CCTV throughout the UK (Source: www.zoomcctv.com 21/03/2013) (2) For the purposes of clarification, Panda Sourcing Ltd are currently benefiting from a rent free period due to expire on 9th September 2013. The Seller has agreed to adjust the completion monies so that the unit will effectively produce £15,000 p.a.x. from completion. (3) Barnardo’s is the UK’s leading children’s’ charity helping more than 200,000 children, young people and their families every year. (Source: www.barnardos.org.uk 21/03/2013. (4) The lease provides an option to determine on the first anniversary of the term,and annually thereafter, subject to 3 months’ notice. (5) Founded in 1959 The Conservation Volunteers (the trading name of BTCV Enterprises Ltd) help hundreds of thousands of people each year to reclaim local green places (Source: www.tcv.org.uk 21/01/2013) (6) SSE is a leading electricity and gas company, operating mainly in the UK and Ireland. (Source: www.sse.com 21/01/2013)
Contacts
Seller's Solicitors
Berwin Leighton Paisner LLP Adelaide House London Bridge London EC4R 9HA
