57/59 Dundas Street and 65/67 Dundas Mews Middlesbrough North Yorkshire TS1 1HR

57/59 Dundas Street and 65/67 Dundas Mews
Middlesbrough
North Yorkshire
TS1 1HR

Freehold Retail Investment

Let to Heron Foods Ltd on a 15 year lease until 2025 (Tenant option to renew until 2040)
Heron Foods Ltd was incorporated in 1978 and has reported profits for the last 27 years
Guaranteed rental increases with Rent Reviews linked to Consumer Price Index (CPI) (subject to a minimum of 1.5% and a maximum of 3.5%)
Nearby occupiers include Next, Marks & Spencer and House of Fraser and Debenhams department stores
Producing £61,042.39 per annum exclusive Rising to a minimum of £65,760 p.a.x. in 2020 (2)
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
63
Auction
13th October 2016
Rent
£61,042 per Annum Exclusive
Status
Sold
Price
£710,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG

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Freehold Retail Investment

Let to Heron Foods Ltd on a 15 year lease until 2025 (Tenant option to renew until 2040)
Heron Foods Ltd was incorporated in 1978 and has reported profits for the last 27 years
Guaranteed rental increases with Rent Reviews linked to Consumer Price Index (CPI) (subject to a minimum of 1.5% and a maximum of 3.5%)
Nearby occupiers include Next, Marks & Spencer and House of Fraser and Debenhams department stores
Producing £61,042.39 per annum exclusive Rising to a minimum of £65,760 p.a.x. in 2020 (2)
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 63
Auction 13th October 2016
Rent £61,042 per Annum Exclusive
Status Sold
Price £710,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG

Property Information

Location

Miles: 40 miles south-east of Newcastle upon Tyne, 65 miles north of Leeds
Roads: A19, A66, A1 (M)
Rail: Middlesbrough railway Station
Air: Durham Tees Valley Airport, Newcastle Airport

Situation

The property is situated directly opposite Next on the east side of pedestrianised Dundas Street and close to its junction with Corporation Road in the heart of Middlesbrough town centre. The Hillstreet Shopping Centre is some 70 metres to the west and nearby occupiers include Next, Marks & Spencer and House of Fraser and Debenhams department stores.

Tenure

Freehold.

Location

Miles: 40 miles south-east of Newcastle upon Tyne, 65 miles north of Leeds
Roads: A19, A66, A1 (M)
Rail: Middlesbrough railway Station
Air: Durham Tees Valley Airport, Newcastle Airport

Situation

Tenure

Freehold.

Description

The property comprises retail accommodation on the ground floor with ancillary accommodation on the first floor. The property benefits from rear access off Dundas Mews.

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 retail accommodation on the ground floor with ancillary accommodation on the first floor. The property benefits from rear access off Dundas Mews.

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	Reviews
Ground First	Retail Ancillary	213.86 sq m 191.84 sq m	(2,302 sq ft) (2,065 sq ft)	HERON FOODS LIMITED (1)	15 years from 23/12/2010 with a tenant option to renew until 2040 on a full repairing and insuring lease	£61,042.39 (2)	Rental increases linked to CPI (subject to minimum of 1.5% and a maximum of 3.5%) 5 yearly annually compounded
Totals		405.44 sq m	(4,367 sq ft)			£61,042.39 (2)

1) Heron Foods Limited was incorporated in 1978 and operates from some 240 outlets nationally. In some 27 years of trading Heron Foods Ltd have always reported annual profits. For the year ending 27th December 2014, Heron Foods Limited reported a turnover of £255,138,454, pre-tax profits of £1,908,478 and a total net worth of £28,145,411. (Source: www.riskdisk.com 05/09/2016).
(2) The lease provides for rental increases linked to CPI (subject to minimum of 1.5% and a maximum of 3.5%) 5 yearly annually compounded. Therefore the property will produce a minimum of £65,760 per annum exclusive from 23/12/2020.