the north east |


A GOOD START TO 2018 N


orth East Independent Commercial Property Consultants Carver Commercial Chartered Surveyors reported a good start to 2018 with completion of two significant office and leisure deals in the first quarter of the year. Carver


Commercial let two brand new build high specification office buildings totalling


Julie Wallin


10,500sq.ft with 70 car parking spaces on Morton Road, Yarm Road Business Park, Darlington to


Darlington Building Society on a 10 year lease. The offices were speculatively developed by Chance Investments the property investment arm of Darlington plumbing and heating firm R Bland Ltd. The Chief Executive of Darlington Building Society Colin Fife was impressed by the quality of the new buildings and said that the additional quality office space needed for their relocation requirements together with sufficient car parking space satisfied their needs to accommodate all staff now


by Julie Wallin, Director of Carver Commercial


and in the future. Julie Wallin, Director of Carver Commercial said: “This was a great result for our client Chance Investments securing such a high calibre tenant as Darlington Building Society a strong covenant. The deal was a just reward for my client taking the risk to develop these office buildings speculatively at a time when there is very little new office development in the town with currently only sporadic requirements for office space from 5,000sq.ft to 15,000sq.ft.” Chance Investments used their own skilled trades people and said “We worked closely with Darlington Building Society on the interior fit out and internal specification to ensure that everything met their corporate standards”.


A further letting was concluded of 10,720sq.ft of leisure space on Morton Trade Park, Darlington on behalf of our longstanding client Landteam who originally constructed the trade park. The premises was previously occupied by Adventure Point soft play centre and the letting was completed “back to back” without void to Gardener Leisure Ltd trading as Roarsome Soft Play. The retail market remains a


considerable challenge and at the time of writing this article recent press releases


have confirmed the forthcoming closures of Marks and Spencer in Darlington and Stockton and more recently House of Fraser who are axing 31 stores around the country including Darlington and Middlesbrough. It is nationally acknowledged that the retail presence on High Streets is shrinking and we are in a market that must show resilience and adapt to the change in consumer trends. It is refreshing to see smaller niche operators undeterred and successfully coming into the market place providing bespoke services and a different offer to the main stream traditional retailer. Landlords are also playing their part with more redundant upper floor space being converted to living accommodation improving the rental stream. This is helping to retain capital values in a difficult market and has proved a successful business model for a number of our clients. We have advised on a range of development opportunities and most recently taken two particular instructions with robust interest from the development sector affirming the appetite for this type of opportunity. Despite the challenges the property


market faces there remains positive energy from private developers, investors and businesses with strong entrepreneurial spirit.


INVESTMENT/DEVELOPMENT OPPORTUNITIES


FOR SALE Investment/Development/Owner Occupation Opportunity “Alton House”, 31 Grange Road, Darlington, DL1 5NB Prominent two storey building with extensive frontage along Grange Road in the heart of this thriving West End location of Darlington town centre. Constructed circa mid 19th Century of brick construction the property has a covered entrance to Alton House upper floors together with ground floor retail/cafe premises with excellent shop frontage. The offices on the first and second floors are well appointed incorporating suspended ceilings, dado trunking, sealed unit double glazing and gas fired central heating. Externally there is the benefit of block paved car parking for the offices to the rear for a minimum of 6 cars accessed via Beaumont Street. Present rents received £49,500 per annum. Ground floor shop tenant is holding over on full repairing and insuring terms. The first/second floor offices are occupied by a single tenant with a lease expiry in December 2018. With vacant possession the upper floors offer alternative potential uses including conversion to apartments. A brief plan has been drawn to show 1, 1 bed studio and 5, 3 bed apartments are possible including the car parking space to the rear for residents. Any change of use is subject to the necessary local authority approvals. Viewing the property is strictly by appointment only through sole agents. Guide Price £450,000


FOR SALE Residential Investment Opportunity – 10 Luxury Apartments Hawthorn Lodge, 2 Canberra Grove, Hartburn, Stockton, TS18 5EF Situated on the corner of Canberra Grove and Darlington Road within Hartburn, an affluent suburb of Stockton on Tees, we are delighted to offer to the market this substantial detached property which has been sympathetically converted by our clients to provide 10 luxury apartments. The property provides a mix of one, two and three bed apartments and is presently fully occupied with occupants including retirees, families and professionals. Gross annual income £73,560 per annum Price on Application


For further information contact sole agents 18 St Cuthbert Way, Darlington DL1 1GB Tel 01325466946 email juliew@carvergroup.co.uk www.carvercommercial.com


COMMERCIAL PROPERTY MONTHLY 2018 39


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