Industrial for sale in St Cuthberts House, Fern Court, Peterlee SR8

Location

Peterlee is located in County Durham and is directly adjacent to the A19, which connects to Sunderland 12 miles to the north and Teesside 20 miles to the south.

Peterlee is a New Town and is the largest settlement in East Durham. Office accommodation totalling over 500,000 sq. Ft. Is provided on Bracken Hill Business Park, together with the smaller Whitehouse Business Park.

Built in the late 1990s, Fern Court sits within Bracken Hill, a 36 acre scheme on the southernmost part of the estate.

The exact location is shown on the attached plan.

Description

The subject property comprises a modern two-storey detached office building with cavity brick walls beneath a tiled pitched roof.

It benefits from a double height glazed atrium to the front of the property and powder coated aluminium frame double glazed windows.

Internally, the office accommodation is to a modern specification with suspended ceilings, Category II lighting and raised access flooring. Each floor benefits from a lobby space complete with male, female and a dda compliant toilet as well as an 8-person passenger lift.

The unit benefits from onsite parking in an attractive landscaped setting providing 38 car parking spaces, 2 of which are disabled spaces, with an excellent ratio of 1:279 sq ft. The car park can only be accessed via a secured key-fob electric gate and has CCTV security facilities.

Accommodation

From onsite measurements the premises provide the following Area (NIA):

Ground Floor 488.3 m2
Second Floor 499.1 m2

total NIA: 987.4 M2
(10,628 sq ft)

Services

All mains services are provided with the addition of a full security and fire alarm system.

Business rates

It is understood the unit has been assessed as follows:

Rv: £55,000

Tenancy

New Fri 3-year lease (extension) to Auxillis Services Ltd (Company Number 02686430) from 13 September 2024, with a tenant only, penalty break clause at the end of 18 months, subject to 6 months’ notice, at a passing rent of £52,475 pa, which equates to a market rent of £4.94 per sq ft.

If the break is exercised the tenant will pay £5,000 plus VAT.

Auxillis Services was established in 1992 with a current turnover of £427.8 m (Y/E 2023) and is part of the aim listed Redde plc. The company provides customers involved in fault and non-fault accidents with replacement vehicles and repair management services, as well as providing insurance and legal services. Auxillis have 26 branches strategically placed across the UK currently and fully occupy the adjacent 32,000 sq ft Redmond House.

Full financial details of the company can be provided upon request.

Energy performance certificate

E(119)

Tenure

The property is held on a long leasehold basis from Durham County Council for a term of 175 years from 4 April 1996.

Price

Our client is seeking offers in the region of £600,000 (Six Hundred Thousand Pounds) – Subject to Contract, for the benefit of the long leasehold interest and new lease to Auxillis Services Ltd. This figure relates a capital value of £56.45 sq ft.

VAT

The sale will be treated as a Transfer of Going Concern (togc).

Legal costs

Each party to bear their own legal costs in connection with any transaction.

Viewing

By prior appointment with Frew Pain & Partners, contact:

James E F Pain
Tel: Email:

September 2024