**Opportunity**
Bradley Hall is delighted to be appointed to market this prominent landmark
building on Park Road, Hartlepool. The site is currently occupied on a multi
let basis and provides both office and residential accommodation.
**Location**
The property is situated within the coastal town of Hartlepool within County
Durham, North East England. The property itself occupies a prominent roadside
position at the corner of Park Road and the A689, opposite Hartlepool College.
**Description**
The subject property is a Grade ll Listed mixed - use building consisting of
four ground floor retail/office buildings and 2 apartments. There are 50
residential apartments above, of which 48 have been sold on a long leasehold
basis and produce a ground rent. Two flats have been retained on a freehold
basis. Externally, there is car parking to the rear and within the basement,
though the basement car parking is for the apartments that have been sold off
on a leasehold basis.
One of the commercial units is of a shell specification. The other three are
occupied and
fitted to the respective tenant’s own specification. As for the two flats
retained Freehold, unit 201 has one bedroom and is situated on the second
floor and the Penthouse is situated on the third floor with further
accommodation within the clock tower this has two bedrooms.
There is an opportunity to refurbish vacant space to generate additional
rental income and we understand that the ground rent is subject to index
linked reviews on a 10 yearly basis.
**Accommodation
**
Part of the Property Floor Sq M
(Approx. ) Sq Ft
(Approx. )
Commercial Units
Unit A (Atos) Ground 301 3, 239. 96
Unit 3
(Department for Work and Pensions) Ground 141. 36 1, 521. 60
Unit C (Hospice) Ground 396. 50 4, 266
Vacant Commercial Unit Ground 226 2, 432. 68
Total (NIA) 1, 064. 86 11, 460. 24
Residential
Flat 201 Second 47. 77 514. 20
Flat 310 Third and Fourth 83. 02 893. 62
Total (gia) 130. 79 1, 407. 82
**Tenure**
The site is sold freehold.
**Terms**
We are instructed to invite freehold offers in the region of £850, 000 for our
clients freehold interest. Our client does not have to accept the highest nor
any offer submitted to the agent.
**VAT**
All rents, premiums and purchase prices quoted herein are exclusive of VAT.
All offers are to be made to Bradley Hall on this basis, and where silent,
offers will be deemed net of VAT.
**Legal costs**
Each party is to bear their own legal costs involved in the transaction.
**Anti - money laundering regulations**
In accordance with the Anti - Money Laundering Regulations we are required to
verify the identify of the Purchaser/Tenant. We will do so based on name and
address data provided but we may also require you to provide two forms of
identification. We will require the Purchaser/Tenant to provide proof of the
source of income.
**Right of first refusal**
The sale will be subject to Right of First Refusal Procedures in accordance
with Part 1 of the Landlord and Tenant Act 1987 (the 1987 Act).
**Tenancy schedule
**
Tenancy Schedule
Unit Tenant Commencement Date Term Break Date Rent Review Date Annual Rent
Unit A + 5 car parking spaces Atos it Services UK Limited 1 August 2021 7
years 31 July 2024 and 2025 N/A £39, 800
Unit C + 2 car parking spaces Hartlepool Hospice Limited 26 February 2021 5
years 26 February 2024 N/A £30, 000
Unit 3 + 2 car parking spaces The Secretary of State for Communities and Local
Government c/o Department for Work & Pensions 30 September 2017 10 years 28
September 2022 29 September 2022 – upward only to Market Rent £21, 360
Unit D Vacant - - - - erv £15, 000 pa subject to refurbishment
Flat 201 Private Individual 23 June 2020 12 months N/A N/A £4, 800
The Penthouse Vacant - - - - erv £5, 400
Flats 1 - 48 Park Tower rtm c. Years - 10 yearly rpi Linked £6, 508. 80
Total £102, 468. 80
erv £122, 868. 80
**Tenant covenant analysis
**
Covenant Analysis
Accommodation Tenant Credit Rating Financial
Year Turnover Profit
Unit C hartlepool hospice limited (the) 98 2022 £3, 820, 053 - £140, 302
2021 £3, 711, 070 £292, 031
2020 £3, 599, 431 £11, 798
Covenant Analysis
Accommodation Tenant Credit Rating Financial
Year Turnover Profit
Unit A atos it services UK limited 86 2021 £1, 373, 573, 000 - £130, 298, 000
2020 £1, 297, 865, 000 - £29, 152, 000
2019 £1, 306, 327, 000 - £26, 828, 000

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