Extensive Town Centre Freehold with Future Asset Management & Development Opportunites
Substantial Former Beales Department Store
Part Let to YTC Limited t/a The Yorkshire Trading Company at £125,000 per annum inclusive (1)
Total Approximate Floor Area of 9,232.90 sq m (99,382 sq ft)
Site Area of approximately 1.3 Acres (0.5 Hectares)
Re-development Potential (subject to consents)
Prominent Pedestrianised Town Centre Location
Nearby Occupiers Include Lloyds Bank, Holland & Barrett, Pizza Express, Greggs, Iceland and Boots
Lot 29
Auction 15th December 2022
Rent £125,000 per Annum (1)
Status Sold Prior
Price
Sector Development
Auction Venue Live Streamed Auction
On Behalf a Major Scottish Family Office
Property Information
Location
Miles
22 miles west of Newcastle-upon-Tyne, 30 miles east of Carlisle
Roads
A1 (M), A68, A69
Rail
Hexham Railway Station (Direct Trains to Newcastle in 32mins and Carlisle in 48mins)
Air
Newcastle International Airport
Situation
Hexham is a picturesque and historic market town a few miles east of Hadrians Wall and 22 miles west of Newcastle-upon-Tyne and a popular base for tourists visiting Northumberland. The property is prominently positioned on the east of the pedestrianised Fore Street in the heart of the town centre. Nearby occupiers include Lloyds Bank, Holland & Barrett, Pizza Express, Greggs, Iceland and Boots.
Tenure
Freehold.
Location
Miles
22 miles west of Newcastle-upon-Tyne, 30 miles east of Carlisle
Roads
A1 (M), A68, A69
Rail
Hexham Railway Station (Direct Trains to Newcastle in 32mins and Carlisle in 48mins)
Air
Newcastle International Airport
Situation
Hexham is a picturesque and historic market town a few miles east of Hadrians Wall and 22 miles west of Newcastle-upon-Tyne and a popular base for tourists visiting Northumberland. The property is prominently positioned on the east of the pedestrianised Fore Street in the heart of the town centre. Nearby occupiers include Lloyds Bank, Holland & Barrett, Pizza Express, Greggs, Iceland and Boots.
Tenure
Freehold.
Description
The property, a substantial former department store comprises basement, lower ground, ground, first and second floors. The primary entrance to the property fronts Fore Street with another on Priestpopple.
In addition the property benefits from an extensive car park to the rear of the property. The property is currently part let to the Yorkshire Trading Company at a rent of £125,000 per annum inclusive (1). The entire property may be suitable for re-development subject to the necessary consents. The property also includes a detached vacant three storey building located in the car park which may also be suitable for re-development, again subject to the necessary consents.
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, a substantial former department store comprises basement, lower ground, ground, first and second floors. The primary entrance to the property fronts Fore Street with another on Priestpopple.
In addition the property benefits from an extensive car park to the rear of the property. The property is currently part let to the Yorkshire Trading Company at a rent of £125,000 per annum inclusive (1). The entire property may be suitable for re-development subject to the necessary consents. The property also includes a detached vacant three storey building located in the car park which may also be suitable for re-development, again subject to the necessary consents.
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
Ground Basement Lower Ground First Second Three Storey Out Building
(1) Part of the ground, lower ground and first floors are currently let to YTC Limited (CRN 03768619) trading as The Yorkshire Trading Company for a term of 3 years from 11/10/2020 until 11/10/2023 at a current rent of £125,000 per annum inclusive of rates and service charge. For clarity the landlord is responsible for the rates liability. The lease provides for a tenant option to determine the lease at any time upon serving 3 months written notice and for a Landlord option to determine the lease at any time upon serving 1 months written notice. (2) 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.
