Town Centre Retail Investment within a Shopping Centre
Majority let to B&M Retail Limited on a lease expiring October 2026
Total area comprising approximately 40,000 sq ft
Asset management opportunity to let vacant shop
Prominent location within Middleton Grange Shopping Centre
Nearby retailers include Primark, Wilko, Specsavers, Boots Opticians, H&M, JD Sports, McDonalds, Bodycare and Sports Direct
Attractive Yield on Guide Price
Lot 36
Auction 24th September 2021
Rent £200,000 per Annum Exclusive
Status Sold
Price £780,000
Sector High Street Retail
Auction Venue Live Streamed Auction
On instructions of Administrators
Property Information
Location
Miles
17 miles south-east of Durham
20 miles north-east of Darlington
Roads
A19, A179, A689
Rail
Hartlepool
Air
Durham Airport
Situation
Hartlepool is a port town and administrative centre of County Durham, approximately 17 miles south-east of Durham and 20 miles north-east of Darlington. The property is located within the heart of the Middle Grange Shopping Centre in a prominent position within Hartlepool, and is considered the major shopping destination for the area. Other retailers within the centre include Primark, Wilko, Specsavers, Boots Opticians, H&M, JD Sports, McDonalds, Bodycare and Sports Direct.
Tenure
Long Leasehold. Held for a term expiring 25th February 2069 at a peppercorn rent.
Location
Miles
17 miles south-east of Durham
20 miles north-east of Darlington
Roads
A19, A179, A689
Rail
Hartlepool
Air
Durham Airport
Situation
Hartlepool is a port town and administrative centre of County Durham, approximately 17 miles south-east of Durham and 20 miles north-east of Darlington. The property is located within the heart of the Middle Grange Shopping Centre in a prominent position within Hartlepool, and is considered the major shopping destination for the area. Other retailers within the centre include Primark, Wilko, Specsavers, Boots Opticians, H&M, JD Sports, McDonalds, Bodycare and Sports Direct.
Tenure
Long Leasehold. Held for a term expiring 25th February 2069 at a peppercorn rent.
Description
The property comprises two shops within a covered shopping centre. Unit 94 is arranged over ground and two upper floors, and 94a is located on the ground and first floor.
VAT
VAT is applicable to this lot.
Note
This property is being marketed for sale on behalf of Joint Administrators and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Administrators to the best of their knowledge, but the purchaser must rely solely upon their own enquiries. The Joint Administrators are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
Completion Period
Six Week Completion
EPC
C. See legal pack at www.acuitus.co.uk.
Description
The property comprises two shops within a covered shopping centre. Unit 94 is arranged over ground and two upper floors, and 94a is located on the ground and first floor.
VAT
VAT is applicable to this lot.
Note
This property is being marketed for sale on behalf of Joint Administrators and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Administrators to the best of their knowledge, but the purchaser must rely solely upon their own enquiries. The Joint Administrators are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
Completion Period
Six Week Completion
EPC
C. See legal pack at www.acuitus.co.uk.
Tenancy & Accommodation
Unit
Floor
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
94
Ground First Second
1,384.76 sq m 1,696.78 sq m 50.50 sq m
(14,906 sq ft) (18,264 sq ft) (543 sq ft)
B & M Retail Limited (1)
Term of years expiring 9th October 2026
£200,000
(09/10/2026)
Sub Total
3,132.04 sq m
(33,713 sq ft)
94a
Ground First
493.09 sq m 160.62 sq m
(5,307 sq ft) (1,729 sq ft)
Vacant
Sub Total
653.71 sq m
(7,036 sq ft)
(1) For the year ended 31st March 2020, B&M Retail Ltd reported a turnover of £3.15bn, pre tax profit of £262m and a net worth of £806m (Source: Experian). 685 stores and 35,000 staff (Source: bmstores.co.uk).
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
Contacts
Seller's Solicitors
Shoosmiths LLP (Manchester) The Xyz Building, 2 Hardman Boulevard, , Spinningfields Manchester Lancashire M3 3AZ
