Home Commercial Selling Commercial Property
Download Brochure

About this property

LOCATION
Hexham is a thriving market town, lying adjacent to the A69 Trans-Pennine route, which provides access to the A1 Trunk road some 20 miles to the east. Carlisle lies around 38 miles to the west with Newcastle upon Tyne City centre around 24 miles to the east. The town also lies on the main railway line between Newcastle upon Tyne and Carlisle and is an important retail, commercial and tourist centre.

The property is situated within Hexham Business Park which is located on Burn Lane approximately ¼ mile north of the town centre. Hexham Business Park is an established office location within a mixed residential and commercial area.

The building also lies close to the retail park where occupiers include Tesco and Next. Other retail parks in the town are occupied by a range of national operators including Waitrose and Marks & Spencer.

DESCRIPTION
The subject property comprises a two storey detached office building of brick and stone construction under a slate covered pitched roof with double glazed timber framed windows.

We have not inspected the property internally but understand it provides a mix of cellular and open plan offices and it benefits from the following:

• Suspended ceiling with integral lighting
• Gas fired central heating system
• Data trunking
• Carpet floors
• Intruder alarm
• Passenger lift
• Twenty dedicated car parking spaces

ACCOMMODATION
We have not carried out a measured survey of the premises, however the Valuation Office Agency Assessment indicates that the property has a net internal area of:

Ground floor 190.33 sq m (2,049 sq ft)
First floor 174.89 sq m (1,883 sq ft)

TOTAL 365.22 sq m (3,932 sq ft)

OUTGOINGS
The property is entered into the Rating List with a rateable value of £36,750.

Northumberland County Council, County Hall, Morpeth, Northumberland, NE61 2EF Tel: (0345) 6006400

All figures quoted above are exclusive of VAT where chargeable.

LEGAL COSTS
Each party are to bear their own legal costs.

SERVICE CHARGE
There is a small estate service charge in operation to enable the freeholder to recover the cost of the maintenance of the car park and landscaped areas and other common facilities. This charge is recoverable from the tenant. Further details are available on request.

OTHER
TENANCY
The property is let by way of a ten year lease which expires on 7 May 2024 to ISOS Housing Limited (now part of Karbon Homes). The lease is drawn on a full repairing and insuring basis. The passing rent is £37,200 per annum.


TENANT PROFILE
The property was originally let to ISOS Housing Limited which are now part of Karbon Homes. Karbon is a well-established housing association which own or manage almost 30,000 properties across the North East and Yorkshire. They provide social rented, affordable, specialised and shared ownership properties and operate as a “profit for a purpose” business whereby surplus funds are reinvested in properties and communities.

ENERGY PERFORMANCE CERTIFICATE
The property has an EPC Rating of C-74
A copy of this certificate and recommendation report are available upon request.


PRICE
The property is available for sale on a 999 year lease hold basis at a peppercorn rent, subject to the existing lease at £395,000. A sale at £395,000 represents a net initial yield of 9% after deduction of purchaser’s costs.

The property has been elected for VAT. VAT will, therefore, be payable on the purchase price. It is anticipated, however, that the sale will be treated as a Transfer of a Going Concern (TOGC).


VIEWING
Strictly by appointment with sole agents, YoungsRPS

Location

Stamp duty

Based on a sale price of £395,000 the total amount of stamp duty payable will be:

Last updated: The calculators have been updated following the end of the stamp duty holiday on 30th June 2021. Until the end of September 2021, it represents a staggered return to previous rates.

* This value is based on the standard rate and not applicable to first-time buyers or buy-to-let / second home buyers.