Lease expires April 2078 (approximately 62 years unexpired)
Rent Review April 2019 and 10 yearly thereafter
Site area approximately 0.23 hectares (0.58 acres)
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 23
Auction 13th October 2016
Rent £3,100 per Annum Exclusive
Status Sold
Price £85,000
Sector Ground Rent
Auction Venue The Radisson Blu Portman Hotel 22 Portman Squafre London W1H 7BG
Property Information
Location
Miles
7 miles south-east of Newcastle City Centre, 10 miles north-west of Sunderland, 17 miles north of Durham
Roads
A19, A184, A185, A1(M), A194(M)
Air
Newcastle International Airport
Situation
The property is situated on the established Victoria Industrial Estate, accessed from the western side of Shields Road (A185), to the south of Hebburn town centre. The property benefits from excellent road communications with the A185 connecting to both A19 to the north and A184 to the south, with A194(M) being just 1.5 miles away. Hebburn benefits from the Tyne & Wear Metro system with a station provided at Hebburn town centre and Heworth to the west. Other occupiers on the estate include Biz-Space & South Tyneside Primary Care Trust.
Tenure
Freehold.
Location
Miles
7 miles south-east of Newcastle City Centre, 10 miles north-west of Sunderland, 17 miles north of Durham
Roads
A19, A184, A185, A1(M), A194(M)
Air
Newcastle International Airport
Situation
The property is situated on the established Victoria Industrial Estate, accessed from the western side of Shields Road (A185), to the south of Hebburn town centre. The property benefits from excellent road communications with the A185 connecting to both A19 to the north and A184 to the south, with A194(M) being just 1.5 miles away. Hebburn benefits from the Tyne & Wear Metro system with a station provided at Hebburn town centre and Heworth to the west. Other occupiers on the estate include Biz-Space & South Tyneside Primary Care Trust.
Tenure
Freehold.
Description
The property comprises a large industrial unit arranged on the ground, mezzanine and first floors, benefiting from roller shutter loading doors and an enclosed yard with parking for approximately 11 cars. The property benefits from a site area of approximately 0.23 hectares (0.58 acres).
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a large industrial unit arranged on the ground, mezzanine and first floors, benefiting from roller shutter loading doors and an enclosed yard with parking for approximately 11 cars. The property benefits from a site area of approximately 0.23 hectares (0.58 acres).
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
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
Review/(Reversion)
Ground Floor Mezzanine First
Warehouse/Workshop/Office Ancillary Ancillary
1,439.86 sq m 40.04 sq m 352.83 sq m
(15,499 sq ft) (431 sq ft) (3,798 sq ft)
OAK ENGINEERING COMPANY LIMITED (1)
99 years from 27/04/1979 on a full repairing and insuring lease (2)
£3,100
27/04/2019 and 10 yearly thereafter (3 ) (27/04/2078)
Totals
1,832.73 sq m
(19,728 sq ft)
£3,100
(1) For the year ending 30th April 2015, Oak Engineering Company Limited reported a turnover of £594,185 and pre-tax profits of £68,479 (Source: Experian Group 09/09/2016). (2) Please note that the landlord insures the property and recovers the premium from the tenant. (3) The rent is reviewed on an upward only basis every 10 years to the greater of: (a) the amount of rent payable under the lease immediately prior to the expiration of the rent review year in question; and (b) the amount of the current annual market value – please see rent review clause in lease.
