Retail premises for sale in Park Road, Hartlepool TS24

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 Atos it Services UK Limited 1 August 2021 7 years 31 July 2024 and 2025 N/A £39,800
Unit C + 2 car parking spaces Hartlepool Hospice Limited 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. 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