• Freehold office & industrial opportunity

• Multi-let, providing an attractive spread of income

• Diverse and established tenant mix with sustained strong occupancy levels

• 1.87 acre site with 125 car parking spaces

• Strategic location in an established employment area

• Potential to enhance value and income through asset management strategies

• VAT-free investment

• £1,500,000, subject to contract

• 17.9% gross yield

• Potential gross reversionary yield – 22%

• £321 per sq m / £29.87 per sq ft Capital Value

Enterprise House occupies a prominent position fronting Valley Street North, approximately 0.8 km (0.5 miles) north of Darlington town centre. The location lies adjacent to the A167 (North Road) and B6279 (Haughton Road) which link directly with the A1(M) and A66 respectively.

The immediate area is a mixed commercial location and established occupiers in the vicinity include Halfords, JD Gyms, Bannatyne Health Club & Spa, Jewson, MKM Building Supplies and Enterprise Rent a Car amongst a diverse variety of local businesses.

There are a number of notable development/ regeneration projects in close proximity including:

• Darlington Economic Campus – proposed office campus for HM Treasury North and Department for International Trade. Expected to create in excess of 1,000 jobs – approximately five minutes walking distance.

• £105m re-generation of Darlington Railway Station to provide three new platforms and enhanced visitor experience through the re-generation of Victoria Road – less than 1.6 km (1 mile) to the south.

• Refurbishment of Darlington Covered Market to provide a street food scene and events space – approximately ten minutes walking distance. Darlington Council has recently pledged to invest £800,000 in the market for further redevelopment.

• Private sector development of DL1 Leisure Complex incorporating Vue Cinema, Nandos, Bella Italia, Tomahawk Steakhouse and 80-bed Premier Inn – approximately ten minutes walking distance.

The property comprises a detached office and commercial facility arranged over ground and two upper floors. We understand the main building was constructed in the 1970’s of traditional brick construction with reinforced concrete held under a flat felt covered roof.

To the rear are three single-storey light industrial units comprising warehouse and office accommodation under pitched corrugated profile metal sheet roofs served with roller shutter access.

Internally the accommodation is arranged to provide 27 lettings suites providing floorplates ranging from 60 sq m to 358 sq m (650 sq ft to 3,849 sq ft) and totalling 4,665 sq m (50,209 sq ft).

The principal access is via the shared Reception and Car Park and each letting suite is separately served for utilities and incorporates its own heating source.

The specification includes:

• Main communal entrance with large reception area and meeting room.

• Versatile suites with potential to sub-divide/ amalgamate to suit occupier requirements.

• Suspended Ceilings

• Platform Lift

• Ramped Accessible Entrance

• Cat 5 Networking and Cabling

• Gas and Electric heating to units

• 125 marked car parking spaces in private surfaced car park

We estimate the site area to be approximately 0.76 hectares (1.87 acres).

To view the rateable value of the units, please visit www.tax.service.gov.uk/business-rates-find and enter the property’s postcode (DL1 1GY).

Enterprise House is multi-let in accordance with the tenancy schedule which is available to download. The leases are drawn on standard full repairing and insuring terms.

The property provides a diverse spread of income with the suites predominantly occupied by established SME’s.

At the time of preparing these particulars (3rd April 2023), out of a total of 29 suites there are currently five vacant, with a total passing rent of £205,257.66 per annum.

In addition, tenants are charged a maintenance rent towards common repairs, maintenance and utilities. The maintenance rent totals £53,640.

The Landlord also separately charges the tenants for insurance. This totals £9,595.92 per annum.

Therefore, the total gross income receivable is £268,493.28 per annum.

The tenants accounts, where published, are available to download. Please also refer to the Covenants Summary.

We are instructed to seek a figure of £1,500,000 (One Million, Five Hundred Thousand Pounds), subject to contract, reflecting a gross yield of 17.9%, a potential gross reversionary yield of 22% and a capital value of £321 per sq m / £29.87 per sq ft.

Please note that a purchaser will be re-charged the costs of the searches (£1,038.10 plus VAT) which are provided in the data room.

Please note that a purchaser will be charged a Transaction Fee of £10,000 + VAT.

1. An opportunity to acquire a popular, mixed-use investment in an established employment area;

2. The property is multi-let, providing an investor with an attractive spread of income;

3. Potential to enhance value and income through asset management strategies;

4. Freehold;

5. VAT-free investment;

6. A purchase at the asking price reflects a highly attractive double-digit yield and capital value of under £30 per sq ft for an investor;

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