29/29a/29b Crowtree Road & 8/12 Maritime Terrace Sunderland SR1 3JU

29/29a/29b Crowtree Road & 8/12 Maritime Terrace
Sunderland
SR1 3JU

High Yielding Freehold Retail Parade Investment

Unbroken parade comprising seven shops
Approximately 19,953 sq ft
Tenants include Diechmann Shoes, a Nail Bar and a Phone Shop
Prominent corner location at entrance to Bridges Shopping Centre and close to Sunderland Train Station (200 metres)
Nearby occupiers include TK Maxx, H&M, Home Bargains, Starbucks and Primark
Asset management potential
Possible change of use opportunities of upper parts (subject to leases & consents)

Lot
6
Auction
18th May 2022
Rent
£149,600 per Annum Exclusive
(1)
Status
Sold
Price
£950,000
Auction Venue
Live Streamed Auction

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High Yielding Freehold Retail Parade Investment

Unbroken parade comprising seven shops
Approximately 19,953 sq ft
Tenants include Diechmann Shoes, a Nail Bar and a Phone Shop
Prominent corner location at entrance to Bridges Shopping Centre and close to Sunderland Train Station (200 metres)
Nearby occupiers include TK Maxx, H&M, Home Bargains, Starbucks and Primark
Asset management potential
Possible change of use opportunities of upper parts (subject to leases & consents)

Lot 6
Auction 18th May 2022
Rent £149,600 per Annum Exclusive (1)
Status Sold
Price £950,000
Sector
High Street Retail
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 13 miles south-east of Newcastle upon Tyne, 13 miles south-west of Durham
Roads: A1 (M), A19, A1018, A1231
Rail: Sunderland Railway Station
Air: Newcastle Airport

Situation

The property is situated in a very prominent pedestrianised City Centre location at the junction of Crowtree Road and Maritime Terrace leading to the main entrance of Bridges Shopping Centre. Sunderland Train Station is approximately 200 metres away. Other nearby retailers include TK Maxx, H&M, Home Bargains, Starbucks and Primark.

Tenure

Freehold.

Location

Miles: 13 miles south-east of Newcastle upon Tyne, 13 miles south-west of Durham
Roads: A1 (M), A19, A1018, A1231
Rail: Sunderland Railway Station
Air: Newcastle Airport

Situation

Tenure

Freehold.

Description

The property comprises an unbroken parade of seven shops each arranged on the ground and first floors.

VAT

VAT is applicable to this lot.

Completion Period

6 week completion.

EPC

See legal pack.

Description

The property comprises an unbroken parade of seven shops each arranged on the ground and first floors.

VAT

VAT is applicable to this lot.

Completion Period

6 week completion.

EPC

See legal pack.

Tenancy & Accommodation

Address	Floor	Use	Floor Areas Approx (sq m)	Floor Areas Approx (sq ft)	Tenant	Term	Rent p.a.x.
29 Crowtree Road	Ground First	Retail/Ancillary Ancillary	195.00 sq m 177.40 sq m	(2,099 sq ft) (1,910 sq ft)	DEICHMANN-SHOES UK LIMITED (t/a Diechmann)	10 years from 25/03/2015 to 24/03/2025	£52,600
29a Crowtree Road	Ground First	Retail/Ancillary Ancillary	84.40 sq m 86.10 sq m	(908 sq ft) (927 sq ft)	FONE XPERTS SUNDERLAND LTD (1) (t/a Fone Xperts)	10 years from 09/02/2022 with a rent review on 09/02/2027 and a tenant only break option in 2025 and 2027 (1)	£25,000
29b Crowtree Road	Ground First	Retail/Ancillary Ancillary	83.80 sq m 76.60 sq m	(902 sq ft) (825 sq ft)	SILVERVALE ENTERPRISES LIMITED (t/a Fatso's)	3 years from 25/03/2019 (holding over)	£33,000
8 Maritime Terrace	Ground First	Retail/Ancillary Ancillary	340.80 sq m 354.08 sq m	(3,668 sq ft) (3,811 sq ft)	SUNDERLAND FURNITURE CLEARANCE CENTRE LIMITED (t/a Durham Bed & Furniture Clearance Centre)	1 year licence from 01/10/2021	-
9 Maritime Terrace	Ground First	Retail/Ancillary Ancillary	78.90 sq m 57.04 sq m	(849 sq ft) (614 sq ft)	SUNDERLAND FURNITURE CLEARANCE CENTRE LIMITED (t/a Durham Bed & Furniture Clearance Centre)	1 year licence from 01/10/2021	-
10/11 Maritime Terrace	Ground First	Retail/Ancillary Ancillary	50.20 sq m 50.90 sq m	(540 sq ft) (548 sq ft)	VACANT	-	-
12 Maritime Terrace	Ground First	Retail/Ancillary Ancillary	114.90 sq m 103.60 sq m	(1,237 sq ft) (1,115 sq ft)	HUNG DUC VU (t/a HT Nails & Spa)	10 years from 16/05/2019 with a rent review and tenant only break option on 16/05/2024	£39,000
Total			1,853.72 sq m	(19,953 sq ft)			£149,600 (1)

(1) The tenant benefits from a three month rent free period from term commencement until 9th May 2022, with 6 months half rent thereafter. The seller has agreed to top up the concessionary rent period from the completion of the sale until the expiring of the concessionary rent period.

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.