Peterlee is located in County Durham, 11 miles south of Sunderland, 23 miles south east of Newcastle and 20 miles north of Teesside.
The site benefits from excellent road communications and is close to the A19, providing access to the Tyne and Wear and North Yorkshire conurbations as well as merging with the A1(M) to the south.
The property is 10 miles east of Durham city centre which provides rail links via the East Coast mainline, with a journey time of 2 hours and 50 minutes to London King's Cross.
Daily scheduled flights operate to various UK and European destinations from both Durham Tees Valley Airport and Newcastle International Airport.
The property comprises a modern purpose built manufacturing and warehouse unit, built in the mid 1990s. The property is of steel-portal frame construction with profile metal cladding under a dual pitched roof, which incorporates roof lighting.
The accommodation in the warehouse space is split into two linked bays together with mono pitch stores to both the eastern and southern elevations. The main warehouse area benefits from a minimum eaves height of 8 metres, increasing to 11.3 metres at the apex. The warehouse area is accessed via 3 x 5m sectional up and over doors.
Internally, the property provides excellent clear warehousing space together with an ancillary canteen and staff areas on the ground floor. The first floor contains high specification office space with suspended ceilings and perimeter trunking, leading to an external mezzanine area that overlooks the warehouse. The tenant has installed full height high density racking throughout the warehouse which provides 14,500 pallet positions.
Externally, there is a secure service yard with perimeter palisade fencing and a generous car parking area fronting the offices. To the east of the site is an area of grassed expansion land that is secured by perimeter fencing. The total site area is 2.09 ha (5.17 acres).
The property is held on a long leasehold from the Homes & Communities Agency on three leases (one for the building and yard, one for the grassed expansion land and one for the strip of land fronting onto Davy Drive) for 125 years from 4 April 1996 at a peppercorn rent without review, leaving 103.5 years unexpired.
The property is let to Bristol Laboratories Limited on a FRI lease for a term of 3 years from 8 September 2016 under two identical, co-terminus leases at a total passing rent of £293,500.
The lease is excluded from the security of tenure provisions of the Landlord and Tenant Act 1954 and is subject to a Schedule of Condition which is available upon request.
Bristol Laboratories Limited
Company Number: 03393503
Bristol Laboratories was established in 1997 and is a pharmaceutical company engaged in the development, manufacture, marketing and distribution of generic medicines across the UK and Europe. The company's head office is located in Berkhamsted with another manufacturing facility in Luton as well as subsidiaries operating in Spain, Germany and India.
Bristol Laboratories are well established in Peterlee and bought an 188,000 sq ft pharmaceutical manufacturing facility on Whitehouse Business Park in 2014, only 1/2 mile from the subject property.
The sale will be treated as a Transfer of Going Concern (TOGC).
Offers are sought in excess of £3,450,000 (Three Million, Four Hundred and Fifty Thousand Pounds) reflecting a Net Initial Yield of 7.99% deducting costs of 6.50%.