HUGE POTENTIAL - CLOSE TO TEESSIDE FREEPORT.

The Magnet Hotel for years served it's patrons who worked at the former Steel Works nearby. This building lies in very close proximity to the Freeport. Contractor accommodation will certainly be in demand and the Magnet Hotel is due a new lease of life with plans passed to convert the former Public House into 7 self-contained apartments. This lot provides an excellent investment opportunity as the Freeport develops. Planning reference: Redcar and Cleveland Borough Council: R/2020/0566/FF In March 2021, as part of the Spring Budget, Tees Valley was announced as one of the first places to get Freeport status under the new Government policy to create Freeports across the country. Covering 4,500 acres, the Teesside Freeport is the largest in the UK. To put the size into perspective, it is equivalent to 2,550 football pitches. It will create more than 18,000 jobs and provide a £3.2billion boost to the local economy over the next five years. We ask all parties to complete full due-diligence on any auction property by reading a full pack prior to bidding. Come auction day (19th July), you must be in a position to legally exchange contracts at the fall of the gavel, a 10% deposit (£5,000 min) is required and completion is set for 28 days later. You must be registered to bid, Please note that previous purchases, interest or registration through the Auction House Brand are not valid for a forthcoming auction and therefore you MUST register your interest with the office on 01642 931060. Please also note that holding an EIgroup account will not give you bidding authorisation, this authorisation can only be granted via the Tees Valley branch once all forms and documentation has been received at teesvalley@auctiohouse.co.uk. for any further assistance, please do not hesitate to contact us in the office.

Tenure

Leasehold

Services

Interested parties are invited to make their own enquiries to the relevant authorities as to the availability of the services.

Local Authority

Redcar and Cleveland Borough Council

Solicitors

Lowick McKay, 44-46 Church Road, Gatley, Cheadle, SK8 4NQ, Ref: Bernadette McKay, Tel: 01614915588

Additional Fees

Buyer's Premium - £1800 inc VAT payable on exchange of contracts.

Administration Charge - £1200 inc VAT payable on exchange of contracts.

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.