Office for sale in Athenaeum Street, Sunderland SR1

Location
Located on Athenaeum Street and Foyle Street within the city’s main professional area. The property is situated directly opposite British Esports Headquarters with other nearby occupiers include Hackett Property, Dowens, Martin & Co and Andrew Craig together with a number of firms of solicitors, accountants and surveyors etc. The premises are within very close proximity of the prime shopping area and within close walking distance of Sunderland Railway Station which has recently undergone a multi-million-pound redevelopment programme.

Description
The property comprises an end terraced office building over 4 floors occupied by Peter Dunn and Co Solicitors who have been in occupation for a number of years.

Accommodation
The property briefly comprises as follows:-

ft2 m2
Ground Floor
Offices 909 84.45

First Floor
Offices 913 84.82

Second Floor
Office/Store 148 13.75

Lower Ground Floor
Offices 462 42.92

total 2432 225.93

Tenure
We are advised the property is Freehold held under Tile Number DU46367 and is to be sold subject to the following tenancy:

Lease to Peter Dunn & Co Limited (crn 08017997) for a term of 7 years from 1 February 2019 at an annual rental of £22,000 on Tenant Full Repairing and Insuring terms subject to a rent review 31st January 2026. There is a tenant option for a new lease for a further term of 7 years from expiry on 6 months prior notice.

Asking Price
£200,000 (two hundred thousand pounds) We are advised the property is not elected for VAT.

A purchase at this level would reflect an attractive Gross Initial Yield of 11%

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 £17,750. The Uniform Business Rate for the Rates Year 2024/2025 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
C4236

EPC

Awaiting Information