Unit 2, Pennine Avenue, North Tees Industrial Estate, Stockton-On-Tees, Durham, TS18 2RJ
Let to Roofing Supplies Group Limited (CRN 02181364)
New 10 year lease which expires on 10th September 2035 with rent review and tenant break option on 11th September 2030
Delphi rating: 100 - very low risk
Tenant trading for 38 years
7,178 sqft with additional 0.4 acre fully enclosed yard)
Rent - £52,000 per annum
Offers sought in excess of £595,000 ex VAT which equates to a net initial yield of 8.32%, after allowing for purchaser's costs
Long leasehold with 96 years unexpired
Fergus Laird
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Location
The property is located on Pennine Avenue on the well-established Portrack Lane Industrial Estate, Stockton. The estate benefits from excellent road communications to the A19 and A66 both of which sit close to the property.
Occupiers nearby include local, regional and national occupiers including Wolseley, Wickes, Cromwell Tools and also Portrack Retail Park which houses many household brands.
Description
The property is of steel frame construction under a northern rooflight truss roof with brick elevations.
The warehouse is open plan and has an eaves height of 4.25m with 2 roller shutter doors - 3m x 3.3m high and 3m x 4m high, the latter which opens out to a fenced enclosed yard with concrete / tarmac surface. This extends to approximately 0.4 acres.
Roofing Supplies are making a serious investment into the property including upgrading and improving the yard area.
Terms
The property is held by way of a long ground lease dated 25th November 2015 for a term for 125 years expiring 6th December 2121 at a peppercorn rent. There is therefore approx 96 years unexpired.
The property is let to the strong covenant of Roofing Supplies Group Limited (CRN 02181364) at a rent of £52,000 per annum by way of an effectively full repairing and insuring lease for a term of 10 years from 11th September 2025, with a rent review and tenant break option on 11th September 2030. A schedule of condition is attached to the lease.