A substantial three storey building of traditional construction, arranged with two ground floor retail units, each with ancillary accommodation at the first level. The remainder of the first and second floors are offices.Externally there is a loading bay at the rear along with some car parking accessed from Laing Street.Tenancy
Tenant 1
6-16 Bishopton Lane, Stockton-on-Tees TS18 2AAGround floor shop with first floor ancillaryTenant Name - Argos LimitedLease Start Date - 23/09/1963Lease Length is 63 yearsRent- £41,000.00 per annumLease Repair/ Service Charge - Tenant maintains internals.Insurance - Landlord insures and recharges to tenantTenant 2
Ground floor shop with first floor ancillaryTenant Name - Cotton Cloth (Teesside) LimitedLease GuaranteedLease Start Date - 26/07/2018Lease Length - 10 yearsPassing Rent - £25,000.00Passing Rent WEF - 26/07/2020Break Clause - 5th anniversaryBreak Notice - At least 6 monthsRent Review - 26/07/2023Fixed Rent IncreasesStepped rent historic/prior to ownershipRepair/Service Charge - Tenant maintains internalsInsurance - Landlord insures and recharges to
Covenant
Argos trades from over 883 retail stores across the UK and for the year ending09/03/2019 Argos Ltd reported a turnover of £4,240,797,000, a pre-tax loss of £57,868,000 & net assets of £527,300,000. 29 million yearly shop customers, and nearly a billion online visitors per annum, making it one of the largest high street retailers in the United Kingdom. It has also franchised overseas to countries such as China.
Tenure
Leasehold999 Year Leasehold Peppercorn Rent
VAT
Prices and rental are exclusive of VAT if chargeable.
