FOR SALE – Offers in the region of £750,000 ,Offers in the n of
1 and 2 Meridian Court, White House Business Park, Peterlee, SR8 2RJ
Grade A Office Investment (Part Vacant)
www.carvercommercial.com
INVESTMENT SUMMARY
Strategic location with swift access from A19 lying some 12 miles East of Durham, 18 miles North of
Middlesbrough and 20 miles South of Newcastle
Well established commercial hub with nearby occupiers
including Caterpillar, NSK and Capita
Grade A office facility constructed circa 2005
164 parking spaces
1 Meridian Court – Vacant – 26,459sq.ft.
2 Meridian Court – occupied by East Durham Homes -
15,143sq.ft.
Gross Annual Income £69,412.50
Net Initial Yield: 8.68% (after assuming costs at 6.6%) with ONE VACANT UNIT
Low capital value £18.03 psf
IMPORTANT NOTICE: whilst every reasonable effort has been made by Carver Commercial to ensure accuracy, interested parties are strongly advised to take appropriate 18 St Cuthberts Way steps to verify by independent inspection or enquiry all information for themselves and to take appropriate professional advice. (i) No description or information given Darlington about the property or its value, whether written or verbal or whether or not in these particulars (‘information’) may be relied upon as a statement of representation or fact. The Agent nor its employees have any authority to make any representation and accordingly any information given is entirely without responsibility on the part of County Durham the Agent or the seller/lessor. (ii) Any photographs show only certain parts of the property at the same time they were taken. Any areas, measurements or distances given are approximate only. (iii) Any reference to alterations to, or use of any part of the property is not a statement that any necessary planning, building regulations or other DL1 1GB consent has been obtained. These matters must be verified by any intending buyer/lessee. (iv) Any buyer/lessee must satisfy himself by inspection or otherwise as to the Telephone: 01325 466945 correctness of any information given. (v) VAT is applicable unless expressly stated otherwise.
LOCATION
Peterlee is an established commercial hub incorporating a mass of commercial occupiers supplying global industries.
Occupiers within close proximity to the subject include
Caterpillar, Bristol Laboratories, NSK Bearings Europe, Capita, Durham Constabulary and MKM.
SITUATION
Meridian Court is situated off Traynor Way within White House Business Park. The Business Park lies west of Peterlee town centre and benefits from excellent road links being adjacent to the A19 linking with Tyne and Wear to the North and Teesside/Yorkshire to the South. Peterlee
lies approximately 12 miles East of Durham, 13 miles South of Sunderland, 18 miles North of Middlesbrough and 20 miles South of Newcastle. National motorway access is available via J61 A1(M) approximately 9 miles in driving distance.
IMPORTANT NOTICE: whilst every reasonable effort has been made by Carver Commercial to ensure accuracy, interested parties are strongly advised to take appropriate 18 St Cuthberts Way steps to verify by independent inspection or enquiry all information for themselves and to take appropriate professional advice. (i) No description or information given Darlington about the property or its value, whether written or verbal or whether or not in these particulars (‘information’) may be relied upon as a statement of representation or fact. The Agent nor its employees have any authority to make any representation and accordingly any information given is entirely without responsibility on the part of County Durham the Agent or the seller/lessor. (ii) Any photographs show only certain parts of the property at the same time they were taken. Any areas, measurements or distances given are approximate only. (iii) Any reference to alterations to, or use of any part of the property is not a statement that any necessary planning, building regulations or other DL1 1GB consent has been obtained. These matters must be verified by any intending buyer/lessee. (iv) Any buyer/lessee must satisfy himself by inspection or otherwise as to the Telephone: 01325 466945 correctness of any information given. (v) VAT is applicable unless expressly stated otherwise.
DESCRIPTION Grade A office facility constructed circa 2005.
Securely fenced and tarmac surfaced compound affording 164 marked car parking spaces.
Open plan foot plate with minor supporting columns. Internal specification includes reception atrium with full height glazing, aluminium encapsulated double glazing, air conditioning, raised access flooring, suspended ceilings, lift to first floor and male/ female/disabled WC on ground and first floors.
ACCOMMODATION
1 Meridian Court – 104 Parking Spaces
Ground Floor
Offices 1,183.35sq.m. 12,733sq.ft.
First Floor
Offices 1,183.35sq.m. 12,733sq.ft. Second Floor Plant Room 92.26sq.m. 993sq.ft. Net Internal Area 2,458.96sq.m. 26,459sq.ft.
2 Meridian Court – 60 Parking Spaces
Ground Floor Offices 703.81sq.m.* 7,573sq.ft.*
First Floor
Offices 703.81sq.m.* 7,573sq.ft.*
Net Internal Area 1,407.62sq.m.* 15,146sq.ft.*
(*measurements taken from VOA website)
Total Site Area (approx.) 7,245sq.m. (1.79 acres) measured from Promap Mapping Services
IMPORTANT NOTICE: whilst every reasonable effort has been made by Carver Commercial to ensure accuracy, interested parties are strongly advised to take appropriate 18 St Cuthberts Way steps to verify by independent inspection or enquiry all information for themselves and to take appropriate professional advice. (i) No description or information given Darlington about the property or its value, whether written or verbal or whether or not in these particulars (‘information’) may be relied upon as a statement of representation or fact. The Agent nor its employees have any authority to make any representation and accordingly any information given is entirely without responsibility on the part of County Durham the Agent or the seller/lessor. (ii) Any photographs show only certain parts of the property at the same time they were taken. Any areas, measurements or distances given are approximate only. (iii) Any reference to alterations to, or use of any part of the property is not a statement that any necessary planning, building regulations or other DL1 1GB consent has been obtained. These matters must be verified by any intending buyer/lessee. (iv) Any buyer/lessee must satisfy himself by inspection or otherwise as to the Telephone: 01325 466945 correctness of any information given. (v) VAT is applicable unless expressly stated otherwise.
TENURE The property is held long leasehold at a peppercorn rent for
a term expiring 2125.
OCCUPATIONAL TENANCIES
1 Meridian Court
Vacant
2 Meridian Court
Occupied by East Durham Homes Ltd by way of a 10 year lease from 1 January 2016 (exp. 31 December 2025). The 1 Meridian Court
lease is drawn on a full repairing and insuring basis. The tenant has an option to break January 2021.
Rent Passing: £69,412.50
Gross Annual Income: £69,412.50
COVENANT INFORMATION
East Durham Homes Ltd are a Registered Society and social housing provider managing approximately 8,500 houses.
2 Meridian Court
IMPORTANT NOTICE: whilst every reasonable effort has been made by Carver Commercial to ensure accuracy, interested parties are strongly advised to take appropriate 18 St Cuthberts Way steps to verify by independent inspection or enquiry all information for themselves and to take appropriate professional advice. (i) No description or information given Darlington about the property or its value, whether written or verbal or whether or not in these particulars (‘information’) may be relied upon as a statement of representation or fact. The Agent nor its employees have any authority to make any representation and accordingly any information given is entirely without responsibility on the part of County Durham the Agent or the seller/lessor. (ii) Any photographs show only certain parts of the property at the same time they were taken. Any areas, measurements or distances given are approximate only. (iii) Any reference to alterations to, or use of any part of the property is not a statement that any necessary planning, building regulations or other DL1 1GB consent has been obtained. These matters must be verified by any intending buyer/lessee. (iv) Any buyer/lessee must satisfy himself by inspection or otherwise as to the Telephone: 01325 466945 correctness of any information given. (v) VAT is applicable unless expressly stated otherwise.
*For Identification Purposes Only
IMPORTANT NOTICE: whilst every reasonable effort has been made by Carver Commercial to ensure accuracy, interested parties are strongly advised to take appropriate 18 St Cuthberts Way steps to verify by independent inspection or enquiry all information for themselves and to take appropriate professional advice. (i) No description or information given Darlington about the property or its value, whether written or verbal or whether or not in these particulars (‘information’) may be relied upon as a statement of representation or fact. The Agent nor its employees have any authority to make any representation and accordingly any information given is entirely without responsibility on the part of County Durham the Agent or the seller/lessor. (ii) Any photographs show only certain parts of the property at the same time they were taken. Any areas, measurements or distances given are approximate only. (iii) Any reference to alterations to, or use of any part of the property is not a statement that any necessary planning, building regulations or other DL1 1GB consent has been obtained. These matters must be verified by any intending buyer/lessee. (iv) Any buyer/lessee must satisfy himself by inspection or otherwise as to the Telephone: 01325 466945 correctness of any information given. (v) VAT is applicable unless expressly stated otherwise.