24-26 Stockton Road, Hartlepool, TS25 1RL

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  • EPC

For Sale - Under Offer £395,000 - Commercial, Office

❖ Net initial yield of 8.15%
❖ 9.5 years unexpired lease terms (4.5 years to break)
❖ 2021 break not exercised
❖ Tenant operates from 448 sites across Europe
❖ Most recently filed accounts report equity of £118 million

Location
The property is situated on the fringe of Hartlepool Town Centre in a visible location fronting Stockton Road which is one of the principle access routes to Hartlepool Town Centre. Hartlepool has a population of 92,000 (Source: 2011 census) and is easily accessible from both the A19 and A1(M) via the A689. Surrounding occupiers and land uses are mixed including retail, offices, leisure and dwellings.

Description
24 Stockton Road has been operating as a Veterinary practice for in excess of 30 years. In 2008 the practice acquired the adjoining semi-detached office, 26 Stockton Road, and the 2 buildings were combined to form a high quality modern veterinary surgery with car park to the rear and accessible entrance to the front.

Accommodation
The accommodation is arranged as below:

Floor Description Area sq m Area sq ft
Ground Surgery 229.84 2474
First Office 76.83 827
Second Stores 42.83 461
First & Second 4 bed Flat 138.98 1496
Total 488.48 5258

 

To the rear of the property is a car park and to the front there is disabled parking with ramped access into the building.

Energy Performance Certificate
Energy Performance Asset Rating Band C (71). Full Certificate available upon request.

Tenancy Details
The property is entirely let to Vet Partners Practices Ltd (CRN: 1084952) for a term of 15 years from the 30th September 2016.

The lease provides for rent reviews on the 5th and 10th anniversary of the commencement with the passing rent being £33,500 per annum effective from the 30th September 2021.

There are tenant only break options on the 30th September 2021 (not exercised) and 30th September 2026. The lease is drafted on full repairing and insuring terms subject to a schedule of condition.

Tenant Covenant Information
Vet Partners Practices have 448 sites across Europe with 7,314 employees and were established in 2015. The business operates small animal practices, equine and farm practices, a veterinary nursing school, laboratories, a locum agency and pet crematoriums (Source: www.vetpartners.co.uk).

The most recently filed accounts report an annual turnover of £164million, a net profit of £22million and equity of £108million (Source: Companies House).

Terms
We are instructed to seek offers in the region of £395,000 which reflects a net initial yield of 8.14% after allowing for usual purchaser’s costs and stamp duty.

Contact details
For viewings or further information please contact Simon Cavey (01429 856361 / simon.cavey@greigcavey.com) or Jonathan Pearson (01429 856370 / jonathan.pearson@greigcavey.com)

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