The property comprises a substantial building, erected we believe in 1979 or thereabouts, originally as three properties and then as a purpose-built Bank for the current tenants.
The accommodation of the property therefore consists of a substantial well-fitted ground floor Banking Hall with associated offices and interview rooms. At first floor level there are a number of storerooms, a strong room, staff room and canteen.
With the acquisition of Virgin Money by Clydesdale Bank, the premises have been refitted. We understand that in excess of £500,000 was spent in upgrading the premises.
It should be noted that Virgin Money originally occupied premises opposite which have now been closed down and amalgamated into the subject premises, so consequently this is an extremely busy branch.
Location
Hartlepool is a port town in the Borough of Hartlepool for which it is the administrative centre, in the County of Durham.
It is located 17 miles south-east of Durham, 12 miles north-east of Stockton-on-Tees, 20 miles south-east of Sunderland and lies 30 miles south of Newcastle-upon-Tyne.
It has a resident population of some 92,000 and a catchment population of 200,000 within a 20 minute drive time of Hartlepool. The town enjoys easy access to the A1, the A19 and the A66 road network.
Hartlepool is home to one of the largest shopping centres in the North-East of England as well as some impressive Marina shopping developments. Middleton Grange is a unique shopping destination with 140 retail outlets such as M & Company, Wilkinson, Primark, New Look, B&M and Boots.
The unique attractions are the stunning multimillion pound Hartlepool Marina complex and old town steeped in 100 years of history.
Situation - The main town centre shopping facilities are centered upon this section of York Road and the Middleton Grange Shopping Centre.
The property is situated midway along York Road, on its eastern side, directly adjacent to the Library and a surface car park to the rear (150 spaces). The Library forms part of the community hub of the area.
This section of York Road includes a variety of high street banks such as HSBC and Santander, charity shops, hot food takeaways, cafés and estate agents. It forms part of a popular block on York Road. Middleton Grange Shopping Centre is directly to the rear of the property, with ample pay and display car parking close by. Other wellknown occupiers within the vicinity include Newcastle Building Society and Coral Bookmakers.
Pedestrian access to the Shopping Centre is via the front of the subject property. Here many wellknown names are represented including H&M Clothing, J D Sports, H Samuel, Bodycare, Sports Direct, Poundland, B&M Bargains and Boots, etc.
In summary this property occupies an undoubted trading position in the town centre. There are a number of car parks around the subject property including those off York Road and South Road.
Accommodation
Ground Floor Banking Hall & Premises - 355.43 sq m (3,826 sq ft)
First Floor - 168.79 sq m (1,817 sq ft)
ITZA - 236.66 sq m (2,546 sq ft)
Second Floor Storage - 66.60 sq m (717 sq ft)
Total Floor Area - 590.84 sq m (6,360 sq ft)
(This information is for guidance purposes only)
Terms
Lease - The premises are currently held on a full repairing and insuring lease for a period of 10 years from 30th September 2016, expiring on 29th September 2026, thus having 5½ years unexpired at a rent of £53,000 per annum. Under the terms of the lease the tenant has a break clause as at the fifth anniversary of the term which has not been exercised. The lease is in the name of Clydesdale Bank PLC trading as Virgin Money. A copy of the lease is available upon request.
Tenant’s Covenant - Our credit search of Experian has revealed the following information for Clydesdale Bank PLC:
Risk score – 87/100
Credit limit - £10,000,000
Credit Rating - £5,000,000
Risk – low risk
Principal activities: Retail and Commercial Banking Services. The original tenant was The Yorkshire Bank who were taken over by Clydesdale Bank and now trade as Virgin Money. A copy of the Experian Risk Report is available upon request.
Rental - Value A straight de-valuation of the current rent passing using £2.50 on the first floor and £1.50 on the second floor, shows a Zone A rate of £18.60 without any allowance for the return frontage. We understand that at the time of the lease renewal five years ago there was a considerable discussion about the amount of allowances for quantum, return frontage and the zoning of the property, bearing in mind the location. The above is our straight devaluation, without any allowances. The September 2021 rent review has not been implemented
Tenure - Freehold.
Price - Offers are invited at: £749,000 to show a yield of 7.07% before normal acquisition costs.
VAT - The property is not registered for VAT. The sale will be VAT exempt
EPC - The property has an EPC rating of Band E.
Identity Checks - In order to comply with Anti-Money Laundering Legislation, the successful purchaser will be required to provide identification documents, including a current passport or driver’s licence and utility bill.
Legal Costs - Each side to be responsible for their own legal costs.
Specification
- Prime Position in Hartlepool Town Centre
- Adjacent to the Middleton Grange Shopping Centre
- Suitable for adaptation into 2/3 retail units
- Offers invited in the region of £749,000 to show an initial yield of 7.07% before costs