25, 27 & 31 Newbottle Street Houghton-le-Spring Tyne & Wear DH4 4AP

25, 27 & 31 Newbottle Street
Houghton-le-Spring
Tyne & Wear
DH4 4AP

Freehold Retail Investment

Let to Mackays Stores Limited (t/a M&Co) on a new 10 year lease (1)
Prominent town centre location
VAT-free Investment
Adjacent to Lloyds and diagonally opposite Superdrug, Greggs and Ladbrokes
M&Co in occupation since 1982

Lot
71
Auction
11th July 2018
Rent
£50,000 per Annum Exclusive
Status
Sold
Price
£430,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On the Instructions of M&Co.

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Freehold Retail Investment

Let to Mackays Stores Limited (t/a M&Co) on a new 10 year lease (1)
Prominent town centre location
VAT-free Investment
Adjacent to Lloyds and diagonally opposite Superdrug, Greggs and Ladbrokes
M&Co in occupation since 1982

Lot 71
Auction 11th July 2018
Rent £50,000 per Annum Exclusive
Status Sold
Price £430,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On the Instructions of M&Co.

Property Information

Location

Miles: 6 miles north-east of Durham; 6 miles south-west of Sunderland; 11 miles south of Newcastle
Roads: A1(M), A690, A182
Rail: Houghton-le-Spring Railway Station
Air: Newcastle Airport

Situation

The historic town of Houghton-le-Spring in the county of Tyne & Wear is located 11 miles south of Newcastle, 6 miles north of Durham and 6 miles west of Sunderland. The property is situated in the town centre on Newbottle Street, close to its junction with Wheller Street. There is a Lidl supermarket and public car park at the rear of the property. Occupiers nearby include Lloyds, Superdrug, Greggs, Ladbrokes, Post Office and Barclays.

Tenure

Freehold.

Location

Miles: 6 miles north-east of Durham; 6 miles south-west of Sunderland; 11 miles south of Newcastle
Roads: A1(M), A690, A182
Rail: Houghton-le-Spring Railway Station
Air: Newcastle Airport

Situation

Tenure

Freehold.

Description

The property comprises a ground floor shop with first floor storage accommodation. The second floor is void and not currently used. Part of the ground floor has been sublet.

VAT

VAT is not 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 ground floor shop with first floor storage accommodation. The second floor is void and not currently used. Part of the ground floor has been sublet.

VAT

VAT is not 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
Ground First Second	Retail Ancillary Void	372 sq m 322 sq m	(4,004 sq ft) (3,466 sq ft)	MACKAYS STORES LIMITED t/a M&Co (2) (3)	10 years from completion on a full repairing and insuring lease subject to a scheduleof condition (1)	£50,000	2023
Total		694 sq m	(7,470 sq ft)			£50,000

(1) Tenant’s option to determine in the 5th year.
(2) For the year ended 24th February 2017, Mackays Stores Limited reported a turnover of £165,611,000, pre-tax profits of £1,100,000 and a total net worth of £36,441,000 (Source: Experian Group 12/06/2018). Mackays Stores Limited is one of the largest privately-owned fashion retailers in the UK. Since inception in the 1960s, M&Co now trades from over 300 stores nationwide with a further 22 stores overseas.
(3) Part of the property has been sublet to St Cuthberts Hospice Durham at £12,000 per annum, holding over. The subtenant has proposed a new 5 year lease at £11,000 per annum.