E903: Park Road, Hartlepool, Durham TS24
Fifty Apartments and 13,000 sq ft of commercial in the thriving heart of Hartlepool
Forty nine of the Apartments sold on 125 year leases January 2005 at a combined (rising) ground rent income of £6,500 per annum.
The ground rents rise every TEN years to RPI upward only
GROUND RENTS NEXT REVIEW IS IN THREE YEARS TIME
RTM Manages the entire Development.
ONE APARTMENT ON AST (480 sq ft + Car Parking Space) producing £5,200 per annum
Commercial Four Units:
ONE VACANT approx. 2,800 sq ft on market seeking £28,000 per annum
Unit A let to ATOS IT Services Ltd
for seven years from 1st August 2021 (Tenant since 2014) at £39,800 per annum
Unit 3 let to Secretary of State (Works & Pensions)
for ten years from 30th September 2017 (been Works & Pensions since about 2011) at £21,360 p.a.
Unit C let to Hartlepool Hospice Limited
for five years from 21st February 2021 (new Tenancy) at £30,000 per annum
Thus producing £102,860 per annum WITH ONE VACANT COMMERCIAL UNIT.
Section V Notices have not yet been served.
Copy documents held: Executed Leases to one Apartment and three to each of the let Commercial Units
Original Developer Selling
In the same ownership for the past twenty-nine years.
GUIDE PRICE: £1,250,000