RESIDENTIAL INVESTMENT OPPORTUNITY

THE TOWN HOUSESKINNER STREET, STOCKTON, TS18 1DY

THE TOWN HOUSE

SKINNER STREET STOCKTON, TS18 1DY

RESIDENTIAL INVESTMENT OPPORTUNITY

FOR SALE

Rive

rside

Park

Rd

Forty

Foot

Rd

Riverside Park Rd

STOCKTONSTOCKTON

Albert Park

A19

A19

Hartington Rd

Borough Rd

Heywood St

Tees Bridge Approach Rd

Stockton Rd

Princeton Dr

A1046

A1046

A1046

A1027A1027

A1046

A1130

A1130

A1305

A139

A1027

A1305

A135

B6541

B6541

B6541

B1032

B1032

A1032

B12

72

A178

A178

A172

A66

A66

A66

TeessideUniversity

Queen’sCampus

West LaneHospital

TeessideShopping Park

River Tees

A19North

A19South

North Rd

Snow

don R

d

Newport Rd

Durh

am St

MiddlesbroughMiddlesbrough

ThornabyThornaby

MIDDLESBROUGHMIDDLESBROUGH

• Well-let residential investment opportunity with additional commercial income

• Gross passing rent of £179,859 per annum including guaranteed rent of £9,000 per annum on ground floor retail unit

• Close proximity to town centre amenities and transport link

• Redevelopment potential within ground floor unit currently not rentalised

• Onsite secure car parking

• Offers in the region of £1,650,000 (One Million, Six Hundred and Fifty Thousand pounds) exclusive of VAT, reflecting a net initial yield of 10.27% after purchaser’s costs of 6.16%.

INVESTMENT SUMMARYInvestment Summary

MORPETH

59

60

61

62

63

65

58

57

56

SOUTH SHIELDS

Port of Tyne

Teesport

A66

A66

A68

A688

A688

A690

A690

A684

A66

A689

A689

A696

A181

A68

A68

A171

A69

A167

A1(M)

A1(M)

A1(M)A19

A19

A19

A19

GATESHEAD

HEXHAM

HARTLEPOOL

SEAHAM

TYNEMOUTH

SCOTCH CORNER

NEWCASTLEUPON TYNE

MIDDLESBROUGH

DURHAM

DARLINGTON

STOCKTON

NewcastleAirport

Durham Tees Valley Airport

SUNDERLAND

CHESTER-LE-STREET

ASHINGTON

Rive

rside

Park

Rd

Forty

Foot

Rd

Riverside Park Rd

STOCKTONSTOCKTON

Albert Park

A19

A19

Hartington Rd

Borough Rd

Heywood St

Tees Bridge Approach Rd

Stockton Rd

Princeton Dr

A1046

A1046

A1046

A1027A1027

A1046

A1130

A1130

A1305

A139

A1027

A1305

A135

B6541

B6541

B6541

B1032

B1032

A1032

B12

72

A178

A178

A172

A66

A66

A66

TeessideUniversity

Queen’sCampus

West LaneHospital

TeessideShopping Park

River Tees

A19North

A19South

North Rd

Snow

don R

d

Newport Rd

Durh

am St

MiddlesbroughMiddlesbrough

ThornabyThornaby

MIDDLESBROUGHMIDDLESBROUGH

LONDON

EnglandWales

Scotland

LIVERPOOL

MANCHESTER

LEEDS

EDINBURGH

CARLISLE

GLASGOW

BRISTOLCARDIFF

BIRMINGHAM

NOTTINGHAM

NEWCASTLESUNDERLAND

MIDDLESBROUGH

LOCATION

The property occupies a prominent position between Skinner Street and Dovecot

Street within the town of Stockton on Tees. It is conveniently located being within

close proximity to the town centre.

Stockton is located 4 miles west of Middlesbrough, 12 miles east of Darlington and

27 miles south of Durham. The town is highly accessible benefitting from excellent

road and rail links via the A19 and A66; the latter of which links to the A1(M) to the

west. Stockton and Thornaby rail stations are located 0.6 miles to the north and

south east of the property and link the town with a wide range of local and major

city destinations.

Stockton is a popular town benefitting from excellent transport facilities, along with

a wide leisure, retail and nightlife offer. The property is on the edge of the recently

formed Stockton BID District.

THE TOWN HOUSE

Location

THE TOWN HOUSE

A1305

A1305

DOVECOT ST

ST

OC

KT

ON

HIG

H S

TR

EE

T

RIV

ER

TE

ES

PR

INC

E R

EG

EN

T S

TR

EE

T

SK

INN

ER

ST

RE

ET

HA

RT

ING

TO

N R

OA

D

Situation

Fountains, Stockton High Street

Stockton Town Hall

The Storytellers

ARC Theatre

Wellington Square Shopping Centre

Stockton Business Centre

Castlegate Shopping Centre

Mill Lane Primary School

The property comprises a prominent, high quality, four storey block currently providing 18 two, three and five bed apartments with private parking. With minor alterations the building can be converted to provide 24 two and three bed apartments. Access to the building is gained via Skinner Street to the east.

The property occupies an enviable position being close to a diverse mix of uses including a broad retail and leisure offer along High Street to the east, along with The Teesside Retail Park which accommodates a range of national retailers located approximately 2.5 miles to the east. The Tees Barrage and canoe course is also located around 2 miles to the east along the Tees riverside.

The property offers the opportunity to redevelop an area of the ground floor totalling c. 2,000 sq ft.

InternetEach apartment is now cabled for Virgin Superfast Broadband and other Virgin media services. Each apartment has this high speed facility including wireless access. These services can be set up independently by the tenants themselves or, if preferred, the Property Operator may buy the Virgin services and resell to tenants at a higher rate. This is particularly attractive where apartments are shared.

New Passenger Lift A brand new state of the art Orona MRL traction passenger lift has recently been installed. Servicing all four floors, this eco friendly lift guides passengers and their luggage with clear voice annunciation to each floor where automatic landing lighting greets the passenger on leaving the car.

DESCRIPTIONDescription

TENANCIES

The apartments are let on Assured Shorthold Tenancy agreements, copies of which are available on request.

The total gross rent passing is £179,859 per annum. This includes a two year rent, rates and service charge guarantee in respect of the vacant ground floor retail unit, with the rental contribution totalling £9,000 per annum (c. £9 per sq ft).

TenureThe property is to be sold freehold, subject to the occupational leases and AST agreements.

Tenancies

VATAll offers received will be deemed to be exclusive of VAT.

INFORMATION PACK

Legal and Agents CostsEach party is to be responsible for their legal and agents costs incurred.

An information pack is available on request which includes the following:

• Title information;

• Floor Plans;

• Internal photographs; and

• Tenancy information.

Energy Performance CertificatesEPC’s are available on request.

Information Pack

For further information or an appointment to view please contact:

gva.co.uk/9545

Method of DisposalWe are instructed to seek offers in the region of £1,650,000 (One Million, Six Hundred and Fifty Thousand pounds) exclusive of VAT, reflecting a net initial yield of 10.27% after purchaser’s costs of 6.16%.

Please note that our client is not obliged to accept the highest or any offer.

VATIt is envisaged that the transaction will be treated as a Transfer of a Going Concern for VAT purposes.

Designed & produced by www.creativestreakdesign.co.uk Ref-1502

Luke SymondsDD: 0113 887 6705E: lsymonds@lsh.co.uk

Emily Wood DD: 0191 338 8316E: ewood@lsh.co.uk

Subject to Contract and Exclusive of VAT © Lambert Smith Hampton and GVA Grimley Limited trading as Avison Young Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries (“LSH”) and GVA Grimley Limited trading as Avison Young where applicable for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of the joint agents or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of the joint agents has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of the joint agents or their employees or agents, LSH and GVA Grimley Limited trading as Avison Young will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by either of the joint agents. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and the joint agents shall have no liability whatsoever concerning any variation or discrepancy in connection with such. September 2019.

Dai PowellDD: 0113 280 8098E: dai.powell@avisonyoung.com

Rachael FosterDD: 0191 269 0064E: rachael.foster@avisonyoung.com