Lot 32 Bishopton House, 6-16 Bishopton Lane, Stockton on Tees, TS18 2AA

Bidding Closed

SOLD FOR

£420,000

Property Enquiries

Simon Bailey

simon.bailey@bidx1.com
+44 (0) 7732 681 156

Viewing/ Registration Enquiries

BidX1 Support Team

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

Vendor Solicitor

Natalie Bromley

natalie.bromley@addleshawgoddard.com
+44 (0)161 934 6000
Description
Map
Viewings

Property Summary
  • Freehold retail and office investment
  • Part let to Argos Ltd until 2026 (no breaks)
  • Vacant offices offering alternative use potential (subject to planning)
  • Producing £65,000 per annum (plus vacant offices)
  • On the instructions of the Joint LPA Receivers
Tenure

Freehold

Location

The market town of Stockton-on-Tees lies within County Durham about 5 miles west of Durham, 21 miles south east of Durham and 48 miles north of York. It can be accessed via the A66(M) and A19 with the former providing access to the A1(M) to the west. Stockton railway station provides regional rail services and Teesside International Airport lies about 8 miles to the south west.

Bishopton Lane lies in the town centre running west from High Street with the property lying on the north side of the road. The Wellington Square Shopping Centre is close by as is the Globe Theatre, which is currently undergoing a major restoration programme.

Description

A substantial three storey building of traditional construction beneath a flat roof. The building is arranged as two ground floor retail units, each with ancillary accommodation at first level. The remainder of the first and second floors are offices currently arranged as four suites offering  a reception area, meeting rooms, open plan offices and a staff kitchen. Externally there is a loading bay at the rear along with some car parking accessed from Laing Street. The upper floors may offer alternative use potential, subject to obtaining the necessary consents.

Tenancy

Argos trades from over 800 stores across the UK and for the year ending 09/03/2019 Argos Ltd reported a turnover of £4,240,797,000, a pre-tax loss of £57,868,000 & net assets of £527,300,000 (Source: Companies House).

Planning

Stockton-on-Tees Borough Council (01642 526022) www.developmentmanagement.stockton.gov.uk

VAT
Please refer to Legal Documents
Property Table
UnitAccommodationTenantTenancyEffective DateRent
Total2,312.34 sq m (24,673 sq ft)   £66,000
Unit 1Ground floor sales - 896.25 sq m (9,435 sq ft)
First floor ancillary - 298.70 sq m (3,215 sq ft)
Argos LtdLet for a term of 63 years23/09/1963£41,000
Unit 2Ground floor sales - 440.00 sq m (4,735 sq ft)
First floor ancillary - 35.40 sq m (380 sq ft)
Cotton Cloth (Teesside) LtdLet for a term of 10 years26/07/2018 (1)£25,000 (1)
First floorOffices - 321.00 sq m (3,454 sq ft)Vacant  0
Second floorOffices - 321.00 sq m (3,454 sq ft)Vacant  0

(1) Tenant's break option & rent review on 26/07/2023
(2) The auctioneers have not measured the property. All floor areas have been provided by the vendor

EPC

Please refer to the legal pack


*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 the case of a joint agent this administration fee will be £2,000 (exclusive of VAT). 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. To participate in the sale BidX1 must hold a minimum amount from all bidders. This participation amount is fully refundable in the event that you are not the successful purchaser. For example, a participation fee of £4,500 comprises £3,500 relating to your bidder security (partial deposit payment) and an administration fee of £1,000 inc. VAT payable directly to BidX1. A higher participation amount may be payable depending on the reserve price of the Lot.
  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.


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