Vendor Chancing the Room: Six Figure Annual Rent Office Block to be Sold with NO RESERVE

The vendor of a high-spec office building in Peterlee, County Durham has decided to risk the vagaries of the UK property market by placing his building at auction with NO RESERVE. That means the block built in 2006, with a potential rental value of £186,384 per annum, could be snapped up for just a few pounds, if nobody else bids.

“Our vendor has instructed us to sell this property with NO RESERVE because he is happy to let the market dictate the price they’re willing to pay,” said Toby Limbrick, Director of Network Auctions.

The modern block, which in a valuation report dated 13/10/17 states the buildings’ market value at £880,000, provides 46,596 sq. ft. of accommodation on a site of 2.2 acres plus a 190 bay car park. It is considered ideal for corporate occupation, or could have potential for alternative uses subject to planning.

“We’re delighted to be able to offer this lot to market at such an attractive price – which is effectively one bid in the room! There are major occupiers close by including Orange, Npower, Inland Revenue and the adjacent building (2A) is let to NHS at £4 per sq. ft., equivalent to £186,384 pa at Unit 2C,” said Limbrick.

Unit 2C, Whitehouse 3, Traynor Way, Whitehouse Business Park, County Durham, SR8 2RT will be sold at Network Auctions on 12 September 2018 at Grosvenor House Hotel, London.

https://www.networkauctions.co.uk/london-auction/?lid=76321&ClientID=24&src=36