RESIDENTIAL INVESTMENT OPPORTUNITY THE TOWN HOUSE SKINNER STREET, STOCKTON, TS18 1DY

Transcription

1 RESIDENTIAL INVESTMENT OPPORTUNITY

2 INVESTMENT SUMMARY Excellent residential investment opportunity with additional commercial income Passing rent 223,360 per annum (including guaranteed rent of 16,000 per annum) Close proximity to town centre amenities and transport links Fully furnished and well-appointed throughout Onsite secure car parking Offers IRO 1.7 million

3 LOCATION A1027 A1027 North A1046 A178 Middlesbrough A68 HEXHAM A68 A696 A69 Newcastle Airport NEWCASTLE UPON TYNE 65 TYNEMOUTH Port of Tyne SOUTH SHIELDS GATESHEAD SUNDERLAND Scotland A1305 A139 A1305 A1046 A1032 B6541 B6541 MIDDLESBROUGH Teesside University A689 CHESTER-LE-STREET DURHAM A690 A1(M) 63 A A690 A181 SEAHAM HARTLEPOOL GLASGOW EDINBURGH CARLISLE NEWCASTLE SUNDERLAND MIDDLESBROUGH LEEDS STOCKTON A135 A1130 Thornaby Queen s Campus A1130 B6541 South Teesside Shopping Park B1032 B1032 West Lane Hospital Albert Park A172 A688 SCOTCH CORNER A688 A DARLINGTON A1(M) A689 Teesport STOCKTON MIDDLESBROUGH Durham Tees Valley Airport A171 MANCHESTER LIVERPOOL NOTTINGHAM BIRMINGHAM England Wales CARDIFF LONDON BRISTOL The property occupies a prominent position between Skinner Street and Dovecot Street within the town of Stockton on Tees. It is conveniently located being within close proximity to the town centre. A684 Stockton is located 4 miles west of Middlesbrough, 12 miles east of Darlington and 27 miles south of Durham. The town is highly accessible benefi from excellent road and rail links via the and ; the latter of which links to the A1(M) to the west. Stockton and Thornaby rail stations are located 0.6 miles to the north and south east of the property and link the town with a wide range of local and major city destinations. Stockton is a popular town benefi from excellent transport facilities, along with a wide leisure, retail and nightlife offer. The property is on the edge of the recently formed Stockton BID District.

4 SITUATION Mill Lane Primary School A1305 Wellington Square Shopping Centre Castlegate Shopping Centre ARC Theatre STOCKTON HIGH STREET Wellington Square Shopping Centre Stockton Business Centre Castlegate Shopping Centre The Tees Barrage

5 DESCRIPTION The property comprises a prominent, high quality, four storey block currently providing 18 two, three and fi e bed apartments with private parking. With minor alterations the building can be converted to provide 24 two and three bed apartments. Newly refurbished commercial/retail space producing additional income is located at ground fl level. Access to the building is gained via Skinner Street to the east. The property occupies an enviable position being close to a diverse mix of uses including a broad retail and leisure offer along High Street to the east, along with The Teesside Retail Park which accommodates a range of national retailers located approximately 2.5 miles to the east. The Tees Barrage and canoe course is also located around 2 miles to the east along the Tees riverside. INTERNET Each apartment is now cabled for Virgin Superfast Broadband and other Virgin media services. Each apartment has this high speed facility including wireless access. These services can be set up independently by the tenants themselves or, if preferred, the Property Operator may buy the Virgin services and resell to tenants at a higher rate. This is particularly attractive where apartments are shared. NEW PASSENGER LIFT A brand new state of the art Orona MRL traction passenger lift has recently been installed. Servicing all four fl this eco friendly lift guides passengers and their luggage with clear voice annunciation to each fl where automatic landing lighting greets the passenger on leaving the car.

6 TENANCIES The apartments are let on Assured Shorthold Tenancy agreements, copies of which are available on request. The total rent passing is 207,360 per annum including the ground fl commercial rent. Part of the commercial space is let on a 3 year Full Repairing and Insuring lease. The vendor is prepared to offer a 3 year, 16,000 per annum rental guarantee in respect of the vacant commercial parts of the property. TENURE The property is to be sold freehold, subject to the occupational leases and AST agreements. VAT All offers received will be deemed to be exclusive of VAT.

7 INFORMATION PACK An information pack is available on request which includes the following: Title information; Floor Plans; Internal photographs; and Tenancy information. ENERGY PERFORMANCE CERTIFICATES EPC s are available on request. LEGAL AND AGENTS COSTS Each party is to be responsible for their legal and agents costs incurred.

8 METHOD OF DISPOSAL We are instructed to invite offers in the region of 1.7 million refl an initial yield of 12.37% (allowing for purchasers costs) on the total rent including the guarantee. Offers can be submitted direct via to David Craig or Glenn Laws, or posted to the following address: David Craig / Glenn Laws Bilfi GVA Central Square Forth Street Newcastle upon Tyne NE1 3PJ Please note that our client is not obliged to accept the highest or any offer. VIEWINGS Viewings are strictly by appointment with Sole Selling agents GVA. gva.co.uk/9964 gva.co.uk/9545 GVA is the trading name of GVA Grimley limited, conditions under which particulars are issued by GVA Grimley Limited for themselves, for any joint agents and for the vendors or lessors of this property whose GVA agents Grimley they are, Limited give notice Conditions that: under which Particulars are issued GVA Grimley Limited for (i) themselves, particulars for are any set joint out as agents a general and for outline the vendors only for the or lessors guidance of of this intending property purchases whose or lessors and agents do not they constitute, are, give nor notice constitute that: part 1.) The of, an particulars offer or contract. are set out as a general outline only for the (ii) all guidance descriptions, of intending dimensions, purchases references or lessors to condition and do and not necessary constitute, permission nor constitute for use part and of, occupation, an and offer other or details, contract. are 2.) given All descriptions, in good faith dimensions, and are believed references to be correct to condition but any and intending necessary purchasers or permission tenants should for use not and rely on occupation, them as statements and other details, or representations are given in of good fact but faith satisfy and are themselves believed by inspection to or be otherwise correct but as to any the intending correctness purchasers of each of or them. tenants should not rely on them as statements or representations (iii) no person in of the fact employment but satisfy of themselves GVA Grimley by Limited inspection or any or otherwise joint agents as has to the any correctness authority to make or of give each any of representation them. 3.) No person or warranty in the whatever employment in relation of GVA to this Grimley property. Limited or any joint agents has (iv) all any rentals authority and to prices make are or quoted give any exclusive representation of VAT or warranty whatever in relation to this property. 4.) All rentals and prices are quoted exclusive of VAT. Reproduced by courtesy of the Controller Reproduced of by HMSO. courtesy Crown of the Copyright Controller reserved. of HMSO Licence Crown No Copyright reserved. If applicable, Licence with No consent If of applicable, Chas E Goad, with consent Cartographers, of Chas Old E Goad, Hatfield, Cartographers, Geographers Old A-Z Hatfi Map Co Geographers Ltd and/or A-Z Map Co Ltd and/or The The Automobile Association. For identification purposes only. only. For further information or an appointment to view please contact: David Craig Direct Dial: david.craig@gva.co.uk Glenn Laws Direct Dial: glenn.laws@gva.co.uk Designed & produced by Ref-880 Designed & produced by Ref-968