Office for sale in Frederick Street, Sunderland SR1

Location
An exciting opportunity to purchase 3no interlinked terraced properties situated on Frederick Street in Sunderland City Centre in an area known for its professional services and is predominantly occupied by a mix of solicitors, surveyors, estate agents and insurance brokers together with a number of niche retailers and office. In recent years this part of the city centre has been the subject of redevelopment and in particular has seen a number of similar properties reverting from office use back to residential for which they were originally constructed and the subject properties would lend themselves to a similar conversion, subject to planning.

Description
The property comprises 3no interlinked terraced properties that are arranged over 4 floors having a ground floor, first floor, second floor (attic) and basement, to the rear of the building is a newer modern mews providing office space and there are two rear yards providing off street parking for a number of cars accessed via electric roller shutter. Within the building are shared WC's and a Kitchen.

Accommodation
The property briefly comprises as follows:-

No.22 ft2 m2
Ground Floor 408 37.90

First Floor 477 44.31

Second Floor 297 27.59

Basement 767 71.25

total 1949 71.25

No.23 ft2 m2
Ground Floor 544 50.54

First Floor 444 41.25

Second Floor 264 24.53

Basement (No.23 &24) 1024 95.13

total 2276 211.44

No.24 ft2 m2
Ground Floor 613 56.95

First Floor 637 59.18

Second Floor 299 27.78

Basement 1024 95.13

total 2573 239.03

Tenure
We are advised the property is Freehold.

Asking Price
£450,000 (four hundred and fifty thousand pounds)

Tenancy Details
We are advised of the following leases in place. The majority of the property is currently vacant

22 Frederick Street
Ground Floor - Vacant
First Floor - Vacant
Second Floor - Vacant
Basement: A lease from 1st April 2023 at a passing rent of £5719.95 per annum. The tenant has a 6 months break clause
Rear Mews: A lease from 1st October 2005 at a passing rent of £2484 per annum. The tenant is currently holding over on the lease.

23 Frederick Street
Ground Floor - vacant
First Floor - vacant
Second Floor - vacant
Basement – 23 & 24: A lease from 21st December 2022 at a passing rental of £13,000 per annum. The tenant has a 6 months break clause

24 Frederick Street
Ground Floor – Vacant
First Floor – Vacant
Second Floor - vacant
Basement – 23 & 24: A lease from 21st December 2022 at a passing rental of £13,000 per annum. The tenant has a 6 months break clause
Rear: Parking Bays

Costs
Each party will be responsible for their own Legal Fees incurred in the transaction.

Viewing
Contact – Marc Weaver or Alexa Reavley

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• VAT
Figures quoted exclude VAT where chargeable.

Rateable Value (rv)
The Valuation Office has confirmed the current Rateable Value is

No.22
Ground Floor £3,900
1st Floor £4,000
2nd Floor £1,875
Basement £3,500

No.23/24 £16,000

The Uniform Business Rate for the Rates Year 2023/2024 is 49.9p. If necessary, a written request should be made to the Local Authority for confirmation.

Money Laundering Regulations
In accordance with Anti –Money Laundering Regulations, the Purchaser/Tenant will be required to provide 2 forms of identification together with confirmation of the source of funding.

Disclaimer
None of the equipment or systems within the premises have been tested by the Agent and it is the responsibility of the Purchaser/Lessee to ensure that they are in working order.

Ref
C4179

EPC

To follow.

Joint Agent
Michael Hodgson: