RESIDENTIAL INVESTMENT OPPORTUNITY
THE TOWN HOUSESKINNER STREET, STOCKTON, TS18 1DY
THE TOWN HOUSE
SKINNER STREET STOCKTON, TS18 1DY
RESIDENTIAL INVESTMENT OPPORTUNITY
FOR SALE
Rive
rside
Park
Rd
Forty
Foot
Rd
Riverside Park Rd
STOCKTONSTOCKTON
Albert Park
A19
A19
Hartington Rd
Borough Rd
Heywood St
Tees Bridge Approach Rd
Stockton Rd
Princeton Dr
A1046
A1046
A1046
A1027A1027
A1046
A1130
A1130
A1305
A139
A1027
A1305
A135
B6541
B6541
B6541
B1032
B1032
A1032
B12
72
A178
A178
A172
A66
A66
A66
TeessideUniversity
Queen’sCampus
West LaneHospital
TeessideShopping Park
River Tees
A19North
A19South
North Rd
Snow
don R
d
Newport Rd
Durh
am St
MiddlesbroughMiddlesbrough
ThornabyThornaby
MIDDLESBROUGHMIDDLESBROUGH
• Well-let residential investment opportunity with additional commercial income
• Gross passing rent of £179,859 per annum including guaranteed rent of £9,000 per annum on ground floor retail unit
• Close proximity to town centre amenities and transport link
• Redevelopment potential within ground floor unit currently not rentalised
• Onsite secure car parking
• Offers in the region of £1,650,000 (One Million, Six Hundred and Fifty Thousand pounds) exclusive of VAT, reflecting a net initial yield of 10.27% after purchaser’s costs of 6.16%.
INVESTMENT SUMMARYInvestment Summary
MORPETH
59
60
61
62
63
65
58
57
56
SOUTH SHIELDS
Port of Tyne
Teesport
A66
A66
A68
A688
A688
A690
A690
A684
A66
A689
A689
A696
A181
A68
A68
A171
A69
A167
A1(M)
A1(M)
A1(M)A19
A19
A19
A19
GATESHEAD
HEXHAM
HARTLEPOOL
SEAHAM
TYNEMOUTH
SCOTCH CORNER
NEWCASTLEUPON TYNE
MIDDLESBROUGH
DURHAM
DARLINGTON
STOCKTON
NewcastleAirport
Durham Tees Valley Airport
SUNDERLAND
CHESTER-LE-STREET
ASHINGTON
Rive
rside
Park
Rd
Forty
Foot
Rd
Riverside Park Rd
STOCKTONSTOCKTON
Albert Park
A19
A19
Hartington Rd
Borough Rd
Heywood St
Tees Bridge Approach Rd
Stockton Rd
Princeton Dr
A1046
A1046
A1046
A1027A1027
A1046
A1130
A1130
A1305
A139
A1027
A1305
A135
B6541
B6541
B6541
B1032
B1032
A1032
B12
72
A178
A178
A172
A66
A66
A66
TeessideUniversity
Queen’sCampus
West LaneHospital
TeessideShopping Park
River Tees
A19North
A19South
North Rd
Snow
don R
d
Newport Rd
Durh
am St
MiddlesbroughMiddlesbrough
ThornabyThornaby
MIDDLESBROUGHMIDDLESBROUGH
LONDON
EnglandWales
Scotland
LIVERPOOL
MANCHESTER
LEEDS
EDINBURGH
CARLISLE
GLASGOW
BRISTOLCARDIFF
BIRMINGHAM
NOTTINGHAM
NEWCASTLESUNDERLAND
MIDDLESBROUGH
LOCATION
The property occupies a prominent position between Skinner Street and Dovecot
Street within the town of Stockton on Tees. It is conveniently located being within
close proximity to the town centre.
Stockton is located 4 miles west of Middlesbrough, 12 miles east of Darlington and
27 miles south of Durham. The town is highly accessible benefitting from excellent
road and rail links via the A19 and A66; the latter of which links to the A1(M) to the
west. Stockton and Thornaby rail stations are located 0.6 miles to the north and
south east of the property and link the town with a wide range of local and major
city destinations.
Stockton is a popular town benefitting from excellent transport facilities, along with
a wide leisure, retail and nightlife offer. The property is on the edge of the recently
formed Stockton BID District.
THE TOWN HOUSE
Location
THE TOWN HOUSE
A1305
A1305
DOVECOT ST
ST
OC
KT
ON
HIG
H S
TR
EE
T
RIV
ER
TE
ES
PR
INC
E R
EG
EN
T S
TR
EE
T
SK
INN
ER
ST
RE
ET
HA
RT
ING
TO
N R
OA
D
Situation
Fountains, Stockton High Street
Stockton Town Hall
The Storytellers
ARC Theatre
Wellington Square Shopping Centre
Stockton Business Centre
Castlegate Shopping Centre
Mill Lane Primary School
The property comprises a prominent, high quality, four storey block currently providing 18 two, three and five bed apartments with private parking. With minor alterations the building can be converted to provide 24 two and three bed apartments. Access to the building is gained via Skinner Street to the east.
The property occupies an enviable position being close to a diverse mix of uses including a broad retail and leisure offer along High Street to the east, along with The Teesside Retail Park which accommodates a range of national retailers located approximately 2.5 miles to the east. The Tees Barrage and canoe course is also located around 2 miles to the east along the Tees riverside.
The property offers the opportunity to redevelop an area of the ground floor totalling c. 2,000 sq ft.
InternetEach apartment is now cabled for Virgin Superfast Broadband and other Virgin media services. Each apartment has this high speed facility including wireless access. These services can be set up independently by the tenants themselves or, if preferred, the Property Operator may buy the Virgin services and resell to tenants at a higher rate. This is particularly attractive where apartments are shared.
New Passenger Lift A brand new state of the art Orona MRL traction passenger lift has recently been installed. Servicing all four floors, this eco friendly lift guides passengers and their luggage with clear voice annunciation to each floor where automatic landing lighting greets the passenger on leaving the car.
DESCRIPTIONDescription
TENANCIES
The apartments are let on Assured Shorthold Tenancy agreements, copies of which are available on request.
The total gross rent passing is £179,859 per annum. This includes a two year rent, rates and service charge guarantee in respect of the vacant ground floor retail unit, with the rental contribution totalling £9,000 per annum (c. £9 per sq ft).
TenureThe property is to be sold freehold, subject to the occupational leases and AST agreements.
Tenancies
VATAll offers received will be deemed to be exclusive of VAT.
INFORMATION PACK
Legal and Agents CostsEach party is to be responsible for their legal and agents costs incurred.
An information pack is available on request which includes the following:
• Title information;
• Floor Plans;
• Internal photographs; and
• Tenancy information.
Energy Performance CertificatesEPC’s are available on request.
Information Pack
For further information or an appointment to view please contact:
gva.co.uk/9545
Method of DisposalWe are instructed to seek offers in the region of £1,650,000 (One Million, Six Hundred and Fifty Thousand pounds) exclusive of VAT, reflecting a net initial yield of 10.27% after purchaser’s costs of 6.16%.
Please note that our client is not obliged to accept the highest or any offer.
VATIt is envisaged that the transaction will be treated as a Transfer of a Going Concern for VAT purposes.
Designed & produced by www.creativestreakdesign.co.uk Ref-1502
Luke SymondsDD: 0113 887 6705E: [email protected]
Emily Wood DD: 0191 338 8316E: [email protected]
Subject to Contract and Exclusive of VAT © Lambert Smith Hampton and GVA Grimley Limited trading as Avison Young Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries (“LSH”) and GVA Grimley Limited trading as Avison Young where applicable for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of the joint agents or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of the joint agents has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of the joint agents or their employees or agents, LSH and GVA Grimley Limited trading as Avison Young will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by either of the joint agents. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and the joint agents shall have no liability whatsoever concerning any variation or discrepancy in connection with such. September 2019.
Dai PowellDD: 0113 280 8098E: [email protected]
Rachael FosterDD: 0191 269 0064E: [email protected]