3721 sq. ft (345.69 m²)
Key features
- Reversionary industrial and office portfolio located on the North East's prime commercial estate
- Within a 10 minute drive of central Newcastle and 2 minutes from the A1
- Total passing income of £126,440 pa exc. VAT (a low £6.00 psf on the industrial space and low average of £7.47 psf on the offices)
- The offices are priced at a low capital value, offering potential for break-up sale premium to smaller investors, or sale to owner occupier
- The modern industrial space is considered under-rented, with consistently low supply on Team Valley
- Seeking offers over £1,300,000 (One Million and Three Hundred Thousand Pounds) reflecting a net initial yield of 9.18% (reversion to 11.35% at ERVs) and low blended capital value of £62.53 psf)
- Consideration may be given to sale of the industrial and office assets separately
Description
Internally the property has three phase electricity, integral offices and amenities areas. There is a mezzanine storage area above the offices extending to 102.06 sq. m (1,099 sq. ft) which we understand was erected by the tenant and therefore has not been rentalised. The property benefits from a large external loading and parking for 21 cars.
The adjoining Unit F19 forms part ofthe disposal but has been previously sold off on a long peppercorn lease expiring on 21 December 2114.
The property comprises of a terrace oftwo storey offices with brick elevations under a tile pitched roofs. Externally there is demised parking forthe respective tenants. The individual offices are self-contained with access from the car park and offer good quality space with double glazed windows, heating (some units also having air conditioning), suspended ceilings with recessed lighting and male, female, and accessible toilets.
The leases are on internalrepairing and insuring terms with the landlord responsible for maintaining the structure, with the ability to recoverthe costs associated via the service charge.
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