Guide price of £850,000
OPPORTUNITY
Bradley Hall is delighted to be appointed to market this prominent landmark building on Park Road, Hartlepool. The site is currently occupied on a multi let basis and provides both office and residential accommodation.
LOCATION
The property is situated within the coastal town of Hartlepool within County Durham, North East England. The property itself occupies a prominent roadside position at the corner of Park Road and the A689, opposite Hartlepool College.
DESCRIPTION
The subject property is a Grade ll Listed mixed-use building consisting of four ground floor retail/office buildings and 2 apartments. There are 50 residential apartments above, of which 48 have been sold on a long leasehold basis and produce a ground rent. Two flats have been retained on a freehold basis. Externally, there is car parking to the rear and within the basement, though the basement car parking is for the apartments that have been sold off on a leasehold basis.
One of the commercial units is of a shell specification. The other three are occupied and
fitted to the respective tenant’s own specification. As for the two flats retained Freehold, unit 201 has one bedroom and is situated on the second floor and the Penthouse is situated on the third floor with further accommodation within the clock tower this has two bedrooms.
There is an opportunity to refurbish vacant space to generate additional rental income and we understand that the ground rent is subject to index linked reviews on a 10 yearly basis.
ACCOMMODATION
Part of the Property |
Floor |
Sq M (Approx.) |
Sq Ft (Approx.) |
Commercial Units |
|||
Unit A (Atos) |
Ground |
301 |
3,239.96 |
Unit 3 (Department for Work and Pensions) |
Ground |
141.36 |
1,521.60 |
Unit C (Hospice) |
Ground |
396.50 |
4,266 |
Vacant Commercial Unit |
Ground |
226 |
2,432.68 |
Total (NIA) |
|
1,064.86 |
11,460.24 |
Residential |
|||
Flat 201 |
Second |
47.77 |
514.20 |
Flat 310 |
Third and Fourth |
83.02 |
893.62 |
Total (GIA) |
|
130.79 |
1,407.82 |
TENURE
The site is sold freehold.
TERMS
We are instructed to invite freehold offers in the region of £850,000 for our clients freehold interest. Our client does not have to accept the highest nor any offer submitted to the agent.
VAT
All rents, premiums and purchase prices quoted herein are exclusive of VAT. All offers are to be made to Bradley Hall on this basis, and where silent, offers will be deemed net of VAT.
LEGAL COSTS
Each party is to bear their own legal costs involved in the transaction.
ANTI-MONEY LAUNDERING REGULATIONS
In accordance with the Anti-Money Laundering Regulations we are required to verify the identify of the Purchaser/Tenant. We will do so based on name and address data provided but we may also require you to provide two forms of identification. We will require the Purchaser/Tenant to provide proof of the source of income.
RIGHT OF FIRST REFUSAL
The sale will be subject to Right of First Refusal Procedures in accordance with Part 1 of the Landlord and Tenant Act 1987 (the 1987 Act).
TENANCY SCHEDULE
Tenancy Schedule |
||||||
Unit |
Tenant |
Commencement Date |
Term |
Break Date |
Rent Review Date |
Annual Rent |
Unit A + 5 car parking spaces |
1 August 2021 |
7 years |
31 July 2024 and 2025 |
N/A |
£39,800 |
|
Unit C + 2 car parking spaces |
26 February 2021 |
5 years |
26 February 2024 |
N/A |
£30,000 |
|
Unit 3 + 2 car parking spaces |
The Secretary of State for Communities and Local Government c/o Department for Work & Pensions |
30 September 2017 |
10 years |
28 September 2022 |
29 September 2022 – upward only to Market Rent |
£21,360 |
Unit D |
Vacant |
- |
- |
- |
- |
ERV £15,000 pa subject to refurbishment |
Flat 201 |
Private Individual |
23 June 2020 |
12 months |
N/A |
N/A |
£4,800 |
The Penthouse |
Vacant |
- |
- |
- |
- |
ERV £5,400 |
Flats 1-48 |
Park Tower RTM |
c.2007-2010 |
125 years |
- |
10 yearly RPI Linked |
£6,508.80 |
Total |
|
|
|
|
|
£102,468.80 |
ERV |
|
|
|
|
|
£122,868.80 |
TENANT COVENANT ANALYSIS
Covenant Analysis |
|||||
Accommodation |
Tenant |
Credit Rating |
Financial |
||
Year |
Turnover |
Profit |
|||
Unit C |
HARTLEPOOL HOSPICE LIMITED (THE) |
98 |
2022 |
£3,820,053 |
-£140,302 |
2021 |
£3,711,070 |
£292,031 |
|||
2020 |
£3,599,431 |
£11,798 |
Covenant Analysis |
|||||
Accommodation |
Tenant |
Credit Rating |
Financial |
||
Year |
Turnover |
Profit |
|||
Unit A |
ATOS IT SERVICES UK LIMITED |
86 |
2021 |
£1,373,573,000 |
-£130,298,000 |
2020 |
£1,297,865,000 |
-£29,152,000 |
|||
2019 |
£1,306,327,000 |
-£26,828,000 |
VIEWING & FURTHER INFORMATION
For all enquiries and viewing arrangements please contact Bradley Hall.
Tel: 0191 383 9999