Lease expires April 2078 (approximately 62 years unexpired)
Rent Review May 2019 and 10 yearly thereafter
Site Area approximately 1.56 acres
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 86
Auction 13th October 2016
Rent £5,175 per Annum Exclusive
Status Sold
Price £149,000
Sector Ground Rent
Auction Venue The Radisson Blu Portman Hotel 22 Portman Squafre London W1H 7BG
Property Information
Location
Miles
14 miles east of Middlesbrough
Roads
A172, A173, A174
Air
Durham Tees Valley International Airport
Situation
The property is situated in Hollybush Industrial Estate, to the east of Skelton town centre with direct access from the A174 onto Watness Avenue, the main thoroughfare on the estate. The property is located on the northern side of Wandhills Avenue. Other nearby occupiers include Asda, Royal Mail, Homeware Essentials, Pipeline Precision Engineering and Texon.
Tenure
Freehold.
Location
Miles
14 miles east of Middlesbrough
Roads
A172, A173, A174
Air
Durham Tees Valley International Airport
Situation
The property is situated in Hollybush Industrial Estate, to the east of Skelton town centre with direct access from the A174 onto Watness Avenue, the main thoroughfare on the estate. The property is located on the northern side of Wandhills Avenue. Other nearby occupiers include Asda, Royal Mail, Homeware Essentials, Pipeline Precision Engineering and Texon.
Tenure
Freehold.
Description
The property comprises a substantial light industrial/office building. The property benefits from roller shutter doors and parking for approximately 20 cars. The property benefits from a gated entrance and site area of Approximately 0.63 hectares (1.56 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 substantial light industrial/office building. The property benefits from roller shutter doors and parking for approximately 20 cars. The property benefits from a gated entrance and site area of Approximately 0.63 hectares (1.56 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/First
Industrial/ Manufacturing/ Storage
1,299.67 sq m
(13,990 sq ft)
CLEVELAND CIRCUITS LIMITED (1)
99 years from 01/05/1979 on a full repairing and insuring lease (2)
£5,175
01/05/2019 and 10 yearly thereafter (3) (30/04/2078)
Totals
1,299.67 sq m
(13,990 sq ft)
£5,175
(1) For the year ending 31st January 2016, Cleveland Circuits Limited reported a total net worth of £2,950,814 (Source: Experian Group 09/09/2016). (2) The landlord insures the property and recovers the premium from the tenant. (3) The rent is reviewed 10 yearly on an upward only basis 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.
