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Former Three Tuns New Elvet, Durham, DH1

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for sale Prime Development / Investment Opportunity Former Three Tuns New Elvet, Durham, DH1 3AQ Former Three Tuns New Elvet, Durham, DH1 3AQ Investment Summary • Located on New Elvet, on the outskirts of the city centre • Substantial Grade II listed former hotel amounting to 33,091 sq2 • Property comprises existing ground floor retail with 30 bedrooms to the upper floors, opportunity for future development for further ground floor retail/A3 and up to 90 additional beds • Current Rent of £84,775 per annum across the retail units Offers invited for our client’s Freehold interest. We have been instructed to request unconditional sealed bids no later than midday on 21st June 2016. Location Durham City is located 15 miles to the south of Newcastle upon most notably the Elvet Riverside buildings which are used for The upper floor accommodation comprises 30 recently refurbished Tyne, 18 miles to the north of Darlington and 16 miles to the west academic office and teaching accommodation and Dunelm bedrooms and is part of the former hotel area of the Three Tuns. of Sunderland. The City has a resident population of 65,549 and is House, the Student Union. The University’s main site in Durham is The space is currently vacant after being occupied by Durham a prosperous market centre and popular tourist destination being approximately 750m to the south. University students. Each bedroom provides an en-suite with designated a world heritage site, having the historic Cathedral and shared kitchen areas per floor. Castle overlooking the River Wear. Description Original parts – Some areas of this part of the property were The City is also renowned for its University which has continued to The Former Three Tuns hotel is an imposing Grade II listed building constructed in the 17th Century and are Grade II Listed having cement its position as one of the world’s leading universities, the over three storeys and dates back to the 17th century. The building retained a number of original features which have been added to recent QS World University Rankings 2015-16 saw Durham rise 31 is effectively made up of two blocks, a wing which was recently through the years including a large single storey function suite. places to 61st in the world. refurbished to the north comprising 8 retail units on the ground The upper floors contain 20 unrefurbished bedrooms of the former floor, two upper floors of 30 bedrooms linked to the original part at hotel. Curtilage -There is an archway between the retail units and Communication links are excellent with the A1(M) within 2 miles first floor level to the south. The original part has extensive function the former hotel providing access to a rear car park. to the east of the City Centre. The City’s railway station is on the rooms and kitchens at ground floor with bedrooms on the first, main east coast line with London Kings Cross being within 3 hours second and third. There is car parking at the rear and a service travelling time and Edinburgh Waverley being within 1 hour 45 yard/car park to the south. minutes. Recently refurbished block - The retail units mostly front onto The property is situated to the east of the prime retail pitch of New Elvet and comprise ground floor units with glazed window Durham on New Elvet which contains a number of attractive frontages and sales area with storage, WCs and access to the car period buildings providing a range of retail, office and service uses park to the rear. Unit 1&2 Old Elvet has been let on a long leasehold including several properties occupied by Durham University, basis and is currently occupied by Robinson Estate Agents. Accommodation Unit Tenant Floor M² Ft² Former Hotel Vacant Ground-Third 1,358.00 14,617 1&2 Old Elvet Robinsons Estate Agents Ground/Basement 80.20 863 3 New Elvet RISE Estate Agents Ground 44.80 482 4 New Elvet Venture Property Ground 49.70 535 5 New Elvet Blooms Ground 39.90 429 6 New Elvet Texel Computing Ground 41.40 446 7 New Elvet Picnic Basket Ground 77.90 839 8 New Elvet Domenico Barbaro Ground 50.40 543 9 New Elvet Barbara Thubron Ground 55.30 595 439.60 4,732 Student Accommodation Vacant First 750.11 8,074 Student Accommodation Vacant Second 526.55 5,668 1,276.66 13,742 Total 3,074.26 33,091 Tenancy Schedule parties should seek clarification from Durham County Council planning department. Available on request. VAT Tenure The property has been elected for VAT and therefore VAT will be Contact Information Freehold payable on the purchase price. For further information or to arrange an inspection please contact: Development Opportunity Information Pack James Platts MRICS An information pack which include floor plans, EPCs, title The subject property lends itself for a mixed use development T: 0191 594 5026, M: 07771 886 033 information and a feasibility study is available on request. with retail at ground floor and up to 90 additional student beds to [email protected] the rear and on the adjoining car park which will have exceptional frontage to New Elvet My clients have been approach by a Bids date Adam Greenwood MRICS T: 0191 594 5000, M: 07776 858 536 number of blue chip retailers who have expressed an interest in the Offers invited for our client’s Freehold interest. We have been [email protected] ground floor potential retail/leisure unit. instructed by our client to request that sealed bids are provided to us by no later than midday on 21st June 2016. Knight Frank LLP Planning St Ann’s Quay For the avoidance of doubt, we would confirm that our client is not We understand that the Local Planning Authority does not object 124 Quayside obliged to accept the highest or indeed any offer made. to the principle of the redevelopment/conversion of the subject site Newcastle upon Tyne for uses to include retail and student accommodation. Interested NE1 3BD EL VE Elvet Bridge T B RID GE Drury Lane 6 9 5 St Andrew's 9 Chapel 93 92 (site of) 91 0 9 8 8 7 8 TCB 7 8 35.7m Club PH North Gate 1 (site of) 55 5 1 4 2 53 a S A 2 3 a Citadel 3 4 52 PH S 7 t A n d 3 r 8 3 e 3 w t 8 o s o 9 t C 1 o 8 u r t LB 32.9m 8 O Club h c r u h t e C v t l s i E d o Elvet Riverside h t Three Tuns e (University Of M 35.1m Hotel Durham) Shelter N E Sunday W School E L V E T F e a r o n W a 1 l k 9 SS Pol Sta Chapel (private) 2 0 This Plan is based upon the Ordnance Survey Map with the sanction of the This Plan is based upon the Ordnance Survey Map with the sanction of the 0m 25m Controller 50mof H.M. Stationery Office. Crown 75mCopyright reserved. (ES763454). Controller of H.M. Stationery Office. Crown Copyright reserved. (ES763454). This Plan is published for the convenience of Purchasers only. Its accuracy is This Plan is published for the convenience of Purchasers only. Its accuracy is not guaranteed and it is expressly excluded from any contract. NOT TO SCALE. not guaranteed and it is expressly excluded from any contract. NOT TO SCALE. Ordnance Survey © Crown Copyright 2016. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250 Important Notice 1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, 0191 221 2211 its condition or its value. Neither Knight Frank LLP nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). St Ann’s Quay, 124 Quayside, 2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, Newcastle upon Tyne, NE1 3BD measurements and distances given are approximate only. 3. Regulations etc: Any reference to alterations to, or use of, any part of [email protected] the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. KnightFrank.co.uk VAT: The VAT position relating to the property may change without notice. Viewing by appointment only. Particulars dated May 2016. Photographs dated May 2016. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of members’ names..
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