The premises comprise a high quality steel frame industrial unit with insulated profile clad elevations and pitched roof. The warehouse area benefits from translucent panels which give a good level of natural light. The unit also benefits from two storey office accommodation to its frontage. Externally there is adequate car parking immediately outside along with a shared service yard to the rear.
- High Quality Industrial / Warehouse
- Modern Semi-detached Unit
- 965 sq m (10,390 sq ft)
- Prominent location adjacent to Gateshead Metro Cenre
- Excellent access to A1(M)
- Heating and lighting to warehouse area
- Two Storey office accommodation
- Yard to rear
• Affluent north west town with over 570,000 people living within 30 minutes of its centre
• Prominent & easily accessible location adjacent to the A59 Liverpool Road
• Let to national retailers including Aldi, B & M, Pets At Home, Peacocks, Sue Ryder and Subway with a highly attractive WAULT of over 14 years
• Approximately 41% of the income subject to either RPI or fixed increases
• Offers are sought in excess of £15,300,000 (Fifteen Million Three Hundred Thousand Pounds) reflecting an attractive Net Initial Yield of 6.00% assuming purchaser costs of 6.73%.
• Based on the fixed/RPI increases, the running yield would rise
to 6.33% in 05/2022, 6.70% in 05/2027 and 7.11% in 05/2032
A unique owner occupier/ investor development opportunity in Hackney Wick comprising a freehold site with full planning permission for a new 23,034 sqft NIA B1 office building.
The site is less than a 1 minute walk from Hackney Wick Station providing services into Stratford within 5 minutes. Stratford will soon benefit from Crossrail (Elizabeth Line) which will provide services into Liverpool Street within 7 minutes, Canary Wharf in 8 minutes, Tottenham Court Road in 13 minutes and Heathrow T2 & 3 in 43 minutes).
The site extends to approximately 598 sqm (0.147 acres) and currently comprises a number of single storey commercial units.
Full planning permission was granted for the demolition of the existing buildings and redevelopment of the site to provide a 5 storey (inc. basement) B1 office building extending to 23,034 sqft NIA (28,309 sqft GIA).
The most recently drafted S106 defines the affordable workspace as: ‘5% of the Workspace (to be no less than 131.5 square metres of Gross Internal Floor space) to be provided as part of the Development at (unless otherwise agreed with the LPA) ground floor or above, which will (unless otherwise agreed with the LPA) be offered to future occupiers at up to £16 per square foot (Indexed) including Service Charge for a period of 5 years from the first Occupation of the Development’ Thereafter the space can be let at full market rent’.
The scheme will provide a communal garden at roof level and provisions for 30 cycle spaces.
The site also lends itself to a residential scheme and was outlined as Phase 1 within the LLDC’s Hackney Wick Masterplan which identifies the ground floor use as B1 with upper floor use as either B1 or C3.
A residential led scheme (subject to the necessary planning consents) would work within the same massing as the granted office planning consent. Architects indicative plans can be made available upon request.
We are aware that the site is not elected for VAT.
The site is available freehold with vacant possession.
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