The site encompasses approximately 16 acres providing an American Golf Discount Centre, Sunderland Golf Driving Range, a first floor office, a residential flat and a Mitchells and Butlers Public House. The driving range comprises 42 undercover, floodlit, driving range bays with chipping targets and greens. There is also a large car park.
Entirely let to four tenants including American Golf (Trading) Limited at a combined rental of £81,400 per annum.
Sunderland is one of the main commercial centres in the North East located approximately 15 miles south of Newcastle upon Tyne with a population of 275,500 (2011 Census).
Sunderland hosts some of the region’s largest employers including Nissan (12,000 employees), TSB, Johnson Controls, Berghaus, Unipress Ltd and Fusion. In a recent statement from January 2020 Nissan confirmed their commitment to Sunderland, where they produce an average of 500,000 cars per year at the UK’s largest car factory.
Sunderland is also a successful University City providing a £12m sports facility and £8.5m science complex with a student population in excess of 18,000.
A new 360 acre International Advanced Manufacturing Park (IAMP) is being constructed close to Nissan to facilitate the demand for hi-tech accommodation in this area and enhance the services to Nissan. Phase One has been completed and provides 125 acres of land for manufacturing with 1m sq ft of flexible building opportunities.
The Property is located to the north of the city on the junction of the A1018 and A184 major arterial routes into the city and providing excellent access and visibility to the property.
Seaburn, a costal suburb of Sunderland, is located approximately 2 miles to the east and since 2011 has undergone continual investment to enhance the beach and local area to provide a first class family resort for residents and visitors alike.
Other occupiers in the vicinity include a Sainsbury’s Superstore, Volkswagen Showroom, and Sunderland Greyhound Stadium. Fulwell Quarry Nature Reserve and Seaburn Metro Station are also close by.
FUTURE RESIDENTIAL DEVELOPMENT OPPORTUNITY
There may be an opportunity for future long-term residential development.
According to Sunderland Councils Core Strategy & Development Plan from January 2020, the land immediately to the south of the subject has been earmarked as a Housing Growth Area.
Image taken from Page 48 – Core Strategy & Development Plan (www.sunderland.gov.uk)
The property is held long-leasehold from Sunderland City Council for a term of 125 years from 10 March 1995 at a ground rent of £6,000 per annum. This is the responsibility equally of American Golf Discount Centre and the driving range.
Our client is seeking offers in the region of £950,000 (Nine Hundred & Fifty Thousand Pounds) for their long-leasehold interest subject to contract, which shows a very low £59,375 per acre and a net initial yield of 8.11% after allowing for costs of 5.69%
We understand the property is elected to tax and would envisage the transaction to be deal with by way of a TOGC
EPC reports can be provided upon request.