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Hébergement
The property has been measured by BKR Floorplans and provides the following net internal areas:
| Unité 1 | 1,358 sq ft | 126.16 sq m |
| Unité 2 | 1,464 sq ft | 136.01 sq m |
| Units 3-4 | 3,790 sq ft | 352.09 sq m |
| Unit 5 | 1,262 sq ft | 117.24 sq m |
| Premier étage | 8,110 sq ft | 753.42 sq m |
| Surface intérieure nette totale | 15,984 sq ft | 1,484.92 sq m |
A set of floor plans is available to download, and the measured survey report will be re-addressed to a purchaser at a cost of £1,095 + VAT.
CPE
The property has the following EPC Ratings
| Unité 1 | C | Valid until 21 December 2026 |
| Unité 2 | D | Valid until 25th October 2026 |
| Unit 3-4 | C | Valid until 25th October 2026 |
| Unit 5 | C | Valid until 25th October 2026 |
| 1st Floor | B | Valid until 25th October 2026 |
Valeur imposable
According to the valuation office website, the rateable value for the property is as follows:
| Unité 1 | £17,500 |
| Unité 2 | £18,500 |
| Unit 3 & 4 | £40,500 |
| Unit 5 | £15,750 |
| Premier étage | £21,750 |
Le multiplicateur des tarifs professionnels est de 49,9 pence.
Mandat
Pleine propriété.
Location
The property is multi-let to 5 tenants as follows:
Unit 1 is let to ETY North East Limited, trading as The Play Café, from 3rd May 2022 to 2nd May 2025 at a current rent of £18,181 per annum. The lease provides for a break option on 3rd May 2025 (not exercised) and is guaranteed by Elodie Trompamer Yeung.
Unit 2 is let to OnSpec Optical Company Limited, trading as See Opticans. The tenant has occupied by way of a lease dated 22nd December 2016 for a term expiring 21St December 2023. The current rent is £17,679 per annum but terms have been agreed for a renewed lease for seven years at a rent of £19,680 per annum.
Unit 3 is let to Sunderland Furniture Centre Limited, trading as Sunderland Furniture Centre from 15e June 2022 until 14e June 2032 at £44,050 per annum. The lease incorporates a break option on 15e June 2027 and is guaranteed by Kenin Urwin and Deborah Urwin.
Unit 5 is let to Tina Ann Stoker, trading as Dare Hair Design, from 1St November 2021 until 31St October 2026 at £18,425 per annum.
The first floor is let to Marine House Fitness Centre Limited for 25 years from 11e January 1999, expiring 10e January 2024. The current rent is £18,000 per annum but a new lease has been agreed with Marine House Gym Limited for a term of seven years at a rent of £21,000 per annum.
Hence, the total passing rent is £116,335 per annum which will rise on completion of the renewals to £121,336 per annum. The vendor is leaving a purchaser to complete the renewals.
There are no rent arrears. A rent payment history is provided in the data room.
Pactes
Unité 1
ETY North East Limited trading as The Play Café is a family friendly café with a safe and stimulating play environment for children to play while parents or caregivers enjoy a range of food and drinks.
Unité 2
OnSpec Optical Company Limited is family owned optical retailer with multiple branches in the North East of England offering glasses, sunglasses, contact lenses and reglazing services. For the year ended 31St August 2024, the company reported net assets of £205,791.
Unit 3 & 4
Sunderland Furniture Centre Limited is an established family run furniture store selling sofas and armchairs in a range of upholstery, dining and bedroom furniture including beds. The company has been trading from the same site for over 30 years.
Unit 5
Tina Ann Stoker trading as Dare Hair Design is apparently highly regarded hair salon.
First Floor, 9-10 Station Road
Marine House Fitness Centre Limited is a local gym which has operated for some years. The original owners of the tenant company have sold the business to Mr Karl Maskill who is now the tenant in situ. The new lease provides for a 3 month rent deposit and a personal guarantee.
T.V.A.
This property has been registered for VAT. It is anticipated that the sale will be treated as a transfer of a Going Concern (TOGC).
Proposition
Nous sommes chargés de rechercher des offres dans la région de £1,145,000 (One Million One Hundred and Forty Five Thousand Pounds), subject to contract.
Un achat au prix demandé reflète un rendement initial net attractif de 10% (allowing for purchaser’s costs at 5.88%).
Please note that a purchaser will be re-charged the costs of the measured survey (£1,095 +VAT) and searches (£2,565.40 inc VAT) which are provided in the data room.
Considérations d'investissement
Opportunity to acquire a multi-let retail / leisure investment;
Une combinaison diversifiée de locataires pour protéger le risque de revenu pour un investisseur ;
Pleine propriété ;
A purchase at the asking price represents an attractive net initial yield;
Attractive lot size for investors.
Clause de non-responsabilité
Fixed Charge Receivers Andrew Pear and Milan Vuceljic by the powers given by the Mortgage and all other powers given by statute or otherwise who act as agents for the Company and without personal liability. Both Fixed Charge Receivers are licenced by the Insolvency Practitioners Association and are bound by the Insolvency Code of Ethics.
Services financiers Singer Vielle
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