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Lot 42 Click here for addendum

4 Week Completion

Situation

Located at the junction with Patterdale Street serving the surrounding residential area and being approx. ¾ mile south of the town centre.
Hartlepool lies approximately 9 miles north of Middlesbrough and enjoys excellent road access via the A19 trunk road.

Property

A purpose built single storey corner building comprising a Ground Floor Betting Shop together with a disused Storage Building within an enclosed yard accessed from Patterdale Street.

Accommodation

Site Frontage 42'1”
Ground Floor Shop
Gross Frontage 24'11”
Internal Width 24'0”
Shop Depth 42'3”
Built Depth 51'0”
2 WCs
Rear Storage Building - not inspected

VAT is NOT applicable to this Lot

Freehold

Tenancy

The entire property is let on a full repairing and insuring lease to Coral Racing Ltd (See Tenant Profile) for a term of 16 years from 3rd February 2011 at a current rent of £5,657 per annum exclusive.

Rent Review 2021 to the greater of OMV or 2.5% p.a. compounded. Therefore, the minimum rent in 2021 will be £6,400 p.a.

Note: The site may have potential for future residential development, subject to obtaining possession and the necessary consents.

Tenant Profile
Ladbrokes and Coral merged in 2016 to create Ladbrokes Coral Group Ltd, the largest bookmakers in the UK with some 3,500 stores. For Y/E 31/12/16, Coral Racing Limited reported a T/O of £867.4m, Pre-Tax Profit of £91.2m and Shareholders' Funds of £215.8m

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

18 Sydenham Road, Hartlepool, Cleveland TS25 1QB