For Sale

INVESTMENT, 2 Bishopton Lane & 1-3 Norton Road, Stockton on Tees TS18 2AA

9,744 Sq Ft
£350,000
  • Ref: CPNE_103075
  • Type: Retail
  • Availability: For Sale
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Property Features

  • Maxwell's Corner / Landmark Building
  • Retail & Index Linked
  • Residential Investment Opportunity
  • Let to Mears Group Plc
  • Prominent Ground Floor Retail Space

Property Summary

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 links via the A19 and A66; the latter of which links to the A1(M) to the west. Stockton rail station is loca...

Full Details

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 links via the A19 and A66; the latter of which links to the A1(M) to the west. Stockton rail station is located 0.7 miles to the north and link the town with a range of local and major city destinations.

INVESTMENT SUMMARY

• One 5 and one 6 bedroom apartments let on 7 year annual CPI index linked leases underlet to Mears Group PLC from November 2019 at a combined rent of £23,450 per annum. There is an option to extend for a further 3 years.

• Prominent ground floor retail space with excellent frontage. Vendor to provide a 12 month rent/rates guarantee at £10,000 pax

• Planning permission awaited to convert the ground floor to a 7 bedroom apartment providing an add value opportunity for a purchaser.

• Seeking offers of £350,000 (Three Hundred and Fifty Thousand Pounds) reflecting a Net Initial Yield of 9.2% after purchaser costs of 3.7% with vendors top up on the GF.

Maxwell’s Corner is prominently situated at the northern end of Stockton High Street at its junction with Bishopton Lane and Norton Road close to the newly refurbished Globe Theatre. Stockton is undergoing transformational levels of investment and development to create a central public park and activities following the strategic demolition of the Castlegate Shopping centre. Hampton by Hilton hotel offers new 3 star accommodation close by.

Stockton town centre is undergoing ‘once in a generation’ redevelopment, to create a new urban park, three times the size of Trafalgar Square. The new park will host a range of activities, including; festivals, markets, live music and other performances, which will help to add new vibrancy to Stockton Town Centre, which Maxwell’s Corner will be very well placed to benefit from.

Maxwell’s corner is a local landmark and compromises a substantial corner property, with ground and basement retail accommodation and two large apartments to the first and second floors.

TENANCY
Retail Unit – Vendor to offer a 12 month rental top-up of £10,000 per annum plus rates.

Residential - The one 5 and one 6 bedroom apartments are let on 7 year annual indexed linked internal repairing leases to Mack Residential, underlet to Mears Group PLC from November 2019 (3.8 years unexpired) at a combined £23,450 per annum. There is an option to extend for a further 3 years after the initial period. Mears have a strong requirement for further housing in the area. A planning application has been made for residential on the GF space.

PRICE
Seeking offers of £350,000 (Three Hundred and Fifty Thousand Pounds) reflecting a Net Initial Yield of 9.2% after purchaser costs of 3.7% with vendors top up on the GF.





Accommodation:
Retail - Ground Floor: 3,182.00 sqft
Storage - Basement: 1,632.00 sqft
Flat 1: 2,465.00 sqft
Flat 2: 2,465.00 sqft
Total: 9,744.00 sqft