Falcon Court, Stockton-On-Tees, Durham, TS18

LOCATION

The property is located on Falcon, a modern office development at the junction with Bowesfield Lane and Westland Way on the established Preston Farm Business Park.

Preston Farm Business Park is one of Teesside's principal business locations that has experienced an unprecedented amount of development in recent times. It is positioned approximately 3 miles to the north of Yarm, 4 miles west of Middlesbrough and 1 mile to the south of Stockton on Tees.

The location benefits from excellent connectivity being adjacent o the A135 which provides access to the regions principal highways, the A66, A19 and A1(M) as well as Teesside International Airport, Darlington and Middlesbrough.

DESCRIPTION

The premises comprise a detached two storey office block split to provide four separate office suites and communal male and female toilet facilities on both the ground and first floor.

The left-hand ground floor suite is occupied by the established Bauer Radio's Cash For Kids Charities. The right-hand ground floor suite is occupied by Teeskleen Limited.

The two first floor office suites are currently vacant and available for either owner occupation or letting. The property is therefore likely to be of potential interest to investor purchasers or owner occupiers interested in utilising the vacant space for themselves and securing additional income from the ground floor lettings.

The accommodation has been partitioned throughout to provide a variety of open plan and individual offices areas together with private kitchen facilities within each suite.

The accommodation provides a high quality environment with suspended ceilings, LED lighting, modern floor fittings and perimeter trunking for power, data & telecoms.

Unlimited unallocated communal parking is available on the development.

ACCOMMODATION

The property provides the following approximate areas (NIA):

Ground Floor

2 x Office Suites 235.22 sq m (2,532 sq ft)
Male and Female WC

First Floor

2 x Office Suites 231.98 sq m (2,497 sq ft)
Male and Female WC

Total Unit 467.20 sq m (5,029 sq ft)

TENURE

The premises are held long leasehold at a peppercorn (nil) rental by way of a 250 year lease from 20 November 2018.

The premises are partially let on the following basis:

Ground Floor Suite 1 - Let to Bauer Radio's Cash For Kids Charities by way of a 6 year effectively full repairing and insuring under-lease from 01 January 2024 at a passing rent of £15,000 per annum.

Ground Floor Suite 2 - Let to Teeskleen Limited by way of a 5 year effectively full repairing and insuring under-lease from 01 October 2020 at a passing rent of £12,300 per annum.

The total rent receivable by the landlord is presently £27,300 per annum exclusive.

The estimated rental value of all four units is circa £55,000 per annum exclusive.

The head lease and underleases provide for tenant service charge contributions.

PROPOSED TERMS

The long leasehold interest is available to purchase with offers in the region of £410,000 invited.

VAT

We understand the premises are elected for VAT and that a purchaser may register for VAT in order to reclaim any VAT payable on the purchase price.

RATING ASSESSMENT

The premises have been assessed with the following Rateable Values:

Ground Floor West Wing - £10,500

Ground Floor East Wing - £10,500

First Floor West Wing - £10,250

First Floor East Wing - £10,250

LEGAL FEES

Each party is responsible for their own legal fees in respect of this transaction.

VIEWING

Strictly through Thomas Stevenson.

Please contact Jack Robinson on
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