5 - 7 Middle Street Consett Co Durham DH8 5QP

5 - 7 Middle Street
Consett
Co Durham
DH8 5QP

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 Superdrug, Lloyds Bank and Greggs
Currently Producing £49,943.77 per annum exclusive Rising to a minimum of £53,804 p.a.x. in 2020 (2)
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
99
Auction
13th October 2016
Rent
£49,943 per Annum Exclusive
Status
Sold
Price
£530,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG

Interested?

Expand
Photos
Map

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 Superdrug, Lloyds Bank and Greggs
Currently Producing £49,943.77 per annum exclusive Rising to a minimum of £53,804 p.a.x. in 2020 (2)
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 99
Auction 13th October 2016
Rent £49,943 per Annum Exclusive
Status Sold
Price £530,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG

Property Information

Location

Miles: 15 miles south-west of Newcastle-upon-Tyne, 40 miles north-west of Middlesbrough
Roads: A68, A691, A692
Air: Newcastle Airport

Situation

The property is situated in a prominent corner position on the east side of Middle Street at its junction with Nelson Street, within the heart of Consett town centre. Nearby occupiers include Superdrug, Lloyds Bank and Greggs.

Tenure

Freehold.

Location

Miles: 15 miles south-west of Newcastle-upon-Tyne, 40 miles north-west of Middlesbrough
Roads: A68, A691, A692
Air: Newcastle Airport

Situation

Tenure

Freehold.

Description

The property comprises retail accommodation on the ground floor with ancillary accommodation on basement and first floor. The property benefits from rear access off Nile Street.

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 basement and first floor. The property benefits from rear access off Nile Street.

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 Basement	Retail Ancillary Ancillary	240.71 sq m 160.16 sq m 52.21 sq m	(2,591 sq ft) (1,724 sq ft) (562 sq ft)	HERON FOODS LIMITED (1)	15 years from 23/12/2010 until 2025 with a tenant op tion to renew until 2040 on a full repairing and insuring lease	£49,943.77 (2)	Rental increases linked to CPI (subject to minimum of 1.5 % and a maximum of 3.5%) 5 yearly annually compounded
Totals		453.08 sq m	(4,877 sq ft)			£49,943.77

(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 £53,804 per annum exclusive from 23/12/2020.