Office
DRAFT DETAILS
A substantial property comprising of a detached 6 storey office block of approximately 23,928 sqft on a site area of 0.68 acres. Access is via a common ground floor reception area. The offices have partitioned and open plan layouts with suspended ceilings with recessed lighting, central heating, perimeter power and data points and WCs on intermittent floors. There is potential for residential development subject to planning.
Location:
Peterlee is located within County Durham in the North East of England, approximately 20 miles south east of Newcastle upon Tyne, 10 miles east of Durham and 10 miles south of Sunderland. The property is located on the corner of Burnhope Way opposite Peterlee Bus Station, near Castle Dene Shopping Centre. The centre provides approximately 300,000 sqft of retail accommodation anchored by a large ASDA superstore which provides around 1,100 parking spaces.
The sale also includes the Ground rent for the Castle Dean Public house.
Planning:
Potential for residential development etc subject to planning.
Local Authority: Durham County Council
Note:
Please be advised that the auctioneers have not personally inspected the property. Prospective buyers are advised to make a viewing enquiry and any other necessary independent enquiries before placing their bid, as this will be binding.
Tenure
Freehold, subject to existing leases.
Mast 1: Let to Orange Personal Communications Services Limited at £8,000 pax plus VAT. The tenant is holding over
Mast 2: Let to Vodafone Limited at £8,000 pax plus VAT. The tenant is holding over.
In addition, the neighbouring public house is subject to a long lease of 99 years commencing 01.06.1960 at a ground rent of £175 pa without review.
We are advised that Ground Rent for the Castle Dean Pub is also included in the sale and we would advise interested parties to inspect the legal pack.
Freehold. Vacant possession upon completion.
Auction Details
The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Variable Fee (England and Wales).
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions’ Buyers Terms.
Auction Deposit and Fees
The following deposits and non- refundable auctioneer’s fees apply:
• 5% deposit (subject to a minimum of £5,000)
• Buyer’s Fee of 4.8% of the purchase price for properties sold for up to £250,000, or 3.6% of the purchase price for properties sold for over £250,000 (in all cases, subject to a minimum of £6,000 inc. VAT). For worked examples please refer to the Auction Conduct Guide.
The Buyer’s Fee does not contribute to the purchase price and will be considered as part of the chargeable consideration for the property in the calculation of stamp duty liability.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.
Additional Information
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions’ home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack.
Guide Price & Reserve Price
Each property sold is subject to a Reserve Price. The Reserve Price will be within + or – 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.
