Arngrove House, 1-2 Frederick Street And 4-7 St Thomas Street, Sunderland, Tyne and Wear, SR1 1NA
Substantial city centre development opportunity
Located in the heart of Sunniside area
Corner position with vacant upper floors
Well let offices and café producing £28,000 pax* increasing to £31,000 in April 2025
Total floor area 9,603 ft2 (892.12 m2)
Low Capital Value £51.50 ft2 overall
Fergus Laird
Interested in this property?
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Mario Jaconelli
Interested in this property?
Please contact me
Location
Arngrove House is located at the junction of Frederick Street and St Thomas Street immediately adjacent to Richard Reed Solicitors in the heart of the main professional area. Nearby professional occupiers include Solicitors, Surveyors and Estate Agents together with specialist independent retailers and residential apartments forming part of the wider Sunniside Area.
Description
Arranged over ground, lower ground, first and second floors with extensive prominent frontage to Frederick St and St Thomas St being largely open plan. The ground floor and basement are occupied on leases as follows:-
Ground Floor Office
Let to Midshires Care Limited CRN 02272990 t/a Helping Hands on EFRI lease for a term of 9 years from 6th April 2022 at a passing annual rental of £15,000 increasing to £18,000 pax on 6th April 2025 and £19,000 pax on 6th April 2028.
The tenant had an option to break the lease with effect from 5th April 2025 but did NOT exercise it by serving 6 months' notice. The tenant has a further option to break on 5th April 2028 on serving 6 months' notice.
Ground floor Café and Basement
Let to City Tea Rooms Limited on EFRI lease for a term of 10 years from 25th August 2022. The passing annual rental is £18,000 subject to annual RPI increases. Current concessionary rent £13,000 pa.
The upper floors have independent access from Frederick Street and are vacant and would readily convert to residential use subject to planning.
Terms
We are advised the property is Freehold.