Next 54/56 Linthorpe Road Middlesbrough North Yorkshire TS1 1RA

Next
54/56 Linthorpe Road
Middlesbrough
North Yorkshire
TS1 1RA

Prime Freehold Retail Investment

Let to Next Holdings Limited
Substantial 4 storey building
Approximately 4,864.00 sq m (52,353 sq ft)
Rateable Value reduced to £243,000 as of 01/04/2023 (previous RV £460,000)
Prime trading location in busy town centre
Redevelopment opportunities (subject to consents and gaining vacant possession)
Neighbouring occupiers include Sports Direct, Caffe Nero, Goldsmiths, Marks and Spencer, Tesco Express and Santander

Lot
34
Auction
13th July 2023
Rent
£100 per Annum Exclusive
(3)
Status
Sold Post
Price
Auction Venue
Live Streamed Auction
On Behalf of a Fund Manager

Important Update Interested?

Expand
Photos
Map

Prime Freehold Retail Investment

Let to Next Holdings Limited
Substantial 4 storey building
Approximately 4,864.00 sq m (52,353 sq ft)
Rateable Value reduced to £243,000 as of 01/04/2023 (previous RV £460,000)
Prime trading location in busy town centre
Redevelopment opportunities (subject to consents and gaining vacant possession)
Neighbouring occupiers include Sports Direct, Caffe Nero, Goldsmiths, Marks and Spencer, Tesco Express and Santander

Lot 34
Auction 13th July 2023
Rent £100 per Annum Exclusive (3)
Status Sold Post
Price
Sector
High Street Retail
Auction Venue
Live Streamed Auction
On Behalf of a Fund Manager

Property Information

Location

Miles: 32 miles south of Newcastle upon Tyne, 42 miles north of York, 65 miles north of Leeds
Roads: A66, A19, A1 (M)
Rail: Middlesbrough railway station
Air: Teesside International Airport, Newcastle Airport

Situation

The property is prominently situated in a prime trading position on the east side of Linthorpe Road, approximately 250 metres from the railway station, equidistant between the major Cleveland Shopping Centre and the Hill Street Shopping Centre. Neighbouring occupiers include Sports Direct, Caffe Nero, Goldsmiths, Marks and Spencer, Tesco Express and Santander.

Tenure

Freehold.

Location

Miles: 32 miles south of Newcastle upon Tyne, 42 miles north of York, 65 miles north of Leeds
Roads: A66, A19, A1 (M)
Rail: Middlesbrough railway station
Air: Teesside International Airport, Newcastle Airport

Situation

Tenure

Freehold.

Description

The property comprises a substantial and prominent 4 storey building providing a large ground floor retail area of 1,289 sq m (13,874 sq ft) together with ancillary accommodation on the basement, first, second and third floors.

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

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.
Ground Basement First Second Third	Retail Ancillary Ancillary Ancillary Ancillary	1,289.00 1,068.00 1,289.00 1,114.00 104.00	(13,874) (11,495) (13,874) (11,991) (1,119)	NEXT HOLDINGS LIMITED (1)	5 years from 07/08/2020 (2)	Calculated by way of a formula based upon the net turnover achieved at the property. (3)
Total		4,864.00	(52,353) (4)

(1) For the year ending 29/01/2022 Next Holdings Ltd reported a Turnover of £174,100,000 a Pre-Tax Profit of £314,200,000 and a Net Worth of £871,300,000 (NorthRow 21/06/2023).
(2) After 6th August 2023, the lease is subject to a rolling break option on giving 3 months prior notice.
(3) Calculated by way of a formula based upon the net turnover achieved at the property, which also takes into account the rates payable by the tenant. However, if Next assigns or underlets the lease, then the rent is calculated at £250,000 per annum and the turnover rent provisions of the lease do not apply. Full information is available to view within the lease in the solicitors legal pack.
(4) 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.