Prominent Situation within Prime Retailing Destination
Focal Point in Castle Dene Shopping Centre
Neighbouring Occupiers Include Iceland, Farmfoods, Poundland, Greggs, Subway and an Asda Superstore.
Lot 25
Auction 22nd September 2022
Rent £35,000 per Annum Exclusive
Status Sold Prior
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
On Behalf of a Major Investment Manager
Property Information
Location
Miles
8 miles east of Durham, 11 miles south of Sunderland, 18 miles south of Newcastle
Roads
A19, A1806, B1320
Rail
Horden Railway Station
Air
Durham Tees Valley Airport, Newcastle International Airport
Situation
Peterlee, a predominantly residential suburb, is located 8 miles east of Durham, on the west side of the A19, equidistant from Middlesbrough to the south and Sunderland to the north. The property is prominently situated on Yoden Way in a central stand-alone building. Yoden Way is the prime shopping row in Peterlee's busy and popular Castle Dene Shopping Centre, situated in the main shopping location in the Easington District. Neighbouring occupiers include Iceland, CEX, Poundland, Greggs, Subway and an Asda Superstore.
Tenure
Freehold.
Location
Miles
8 miles east of Durham, 11 miles south of Sunderland, 18 miles south of Newcastle
Roads
A19, A1806, B1320
Rail
Horden Railway Station
Air
Durham Tees Valley Airport, Newcastle International Airport
Situation
Peterlee, a predominantly residential suburb, is located 8 miles east of Durham, on the west side of the A19, equidistant from Middlesbrough to the south and Sunderland to the north. The property is prominently situated on Yoden Way in a central stand-alone building. Yoden Way is the prime shopping row in Peterlee's busy and popular Castle Dene Shopping Centre, situated in the main shopping location in the Easington District. Neighbouring occupiers include Iceland, CEX, Poundland, Greggs, Subway and an Asda Superstore.
Tenure
Freehold.
Description
The property, purpose built in 2013, comprises a single storey stand-alone building benefitting from an extensive frontage with ground floor retail and ancillary accommodation.
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, purpose built in 2013, comprises a single storey stand-alone building benefitting from an extensive frontage with ground floor retail and ancillary accommodation.
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 sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Review
Ground
Retai/Ancillary
153.60
(1,653)
SIM TRAVA (NORTH EAST) LIMITED t/a Costa Coffee (1)
10 years from 01/07/2022 (2)
£35,000
RPI Linked Rent Review on 01/07/2027 collar and cap of 1% and 3%
Total Approximate Floor Area
153.60
(1,653) (3)
£35,000
(1) Sim Trava (North East) Limited was incorporated in 2013. Sim Trava is a Costa Coffee franchisee with 39 locations across the north of England and was founded in 2004 (www.simtrava.co.uk). (2) The lease provides the tenant the option to determine the lease on (01/07/2028) (3) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.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.
