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LOT

63

3 Front Street, Hetton-le-Hole, Houghton Le Spring, DH5 9NU

Property Enquiries

Simon Bailey

simon.bailey@bidx1.com
07732681156

Viewings/Registration Enquiries

BidX1 Support Team

info@uk.bidx1.com
+44 (0) 20 7703 4401

Vendor Solicitor

Shinal Badiani

shinal.badiani@clarkewillmott.com
0238 008 2000

Description

Map

Viewings


Property Summary
  • Freehold bank investment
  • Let to Barclays Bank plc until 2027 (1) (2) (3)
  • Large site with rear car parking
  • Future development potential (subject to consents)
  • Producing £25,000 per annum
Tenure

Freehold

Location

Hetton-le-Hole lies about 6 miles north east of Durham and 2 miles south of Houghton le Spring. It is accessed via the A182, which links to the A690 providing access to the A1(M) at junction 62 about 5 miles to the west.

Situation

The property is situated on the west side of Front Street in the town centre opposite its junction with Caroline Street. Nearby occupiers include Tesco Express, Greggs, Coral and Heron Foods.

Description

An end of terrace building of modern construction arranged over ground and first floor. The building provides a ground floor banking hall with ancillary accommodation on the first floor. Externally there is a car park to the side and rear providing parking for about 9 cars.

The property may offer alternative use potential, subject to obtaining the necessary consents. Prospective purchasers are advised to make their own enquiries.

Tenant Information

(1) For the year ending 31 December 2017 the tenant reported a turnover of £8.775 billion, a pre-tax profit of £3.166 billion and a net worth of £60.829 billion. (Source: Experian)
(2) There is a tenants break clause on 22 January 2022
(3) Rent review on 22 January 2022
(4) The lease contains a schedule of condition

(5) The tenant is not in occupation

Planning

Sunderland City Council (0191 520 5506) www.sunderland.gov.uk

VAT
Please refer to the legal documents.
Accomodation & Tenancies
Floor Accommodation Size Tenant Tenancy Rent (£pa)
Ground Banking hall/ancillary 387.86 sq m (4,175 sq ft) Barclays Bank plc (1) (5) 20 years from 22 January 2007 (2) (4)  
First Offices/ancillary 75.43 sq m (812 sq ft)      
TOTAL   463.29 sq m (4,987 sq ft)     £25,000 (3)
EPC

Rating 68 Band C

*Terms and Conditions

Buyers are strongly advised to read these terms and conditions, and check the Special Conditions and any applicable Addendum, prior to bidding on a Lot. Additional costs, charges and encumbrances may apply for Buyers once they have made a successful bid in relation to a property.

  1. The reserve price is the minimum price at which the property can be sold at auction.
  2. Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller may be prepared to sell on the date on which the guide price, or range of prices, is published. The sale price, whether prior to or at the auction, can be above or below the guide price depending upon market activity. BidX1 and the seller accept no responsibility for any losses, costs or damages incurred by a buyer as a result of relying on any guide price. The buyer must decide how much they should bid for any Lot. All guide prices are quoted "subject to contract". Guide prices given by BidX1 or the seller cannot be accepted by the buyer as being a professional valuation for any purpose in accordance with the requirements or guidance notes of relevant professional bodies or other authorities.
  3. Both the guide price and the reserve price may be subject to change up to and including the day of the auction. Whilst every effort is made to ensure that these guides are not misleading, it is possible that the reserve price set for any Lot may exceed the previously quoted guide price (as the seller may fix the final reserve price just before bidding commences).
  4. The guide price for the Lot does not include the administration fee of £1,000 (inclusive of VAT) charged by BidX1. In addition, the guide price does not include VAT on the sale price, or any additional costs, charges or encumbrances that might apply to some Lots and/or some buyers. The Special Conditions of Sale of the seller, and any applicable Addendum, will state if there are other costs, charges or encumbrances and whether the seller has elected to charge VAT on the sale price.
  5. A minimum participation fee of £4,500 must be paid by all bidders who wish to partake in the auction. A participation fee of £4,500 is comprised of the £1,000 (inclusive of VAT) administration fee payable directly to BidX1 and £3,500 relating to your bidder security (partial deposit payment). A higher participation fee may be payable depending on the reserve price of the Lot. However, even in those circumstances, the administration fee shall remain at £1,000 (inclusive of VAT). The participation fee is fully refundable if you do not make the successful bid in relation to a Lot at auction. If you make a successful bid in relation to a Lot at auction your participation fee is non-refundable.
  6. Please note that Lots may be sold or withdrawn prior to auction.
  7. No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of BidX1 or the seller in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the seller. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the seller. All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller.