FOR SALE, PRIME HIGH YIELDING OUT OF TOWN OFFICE INVESTMENT
8 Grade 'A' office buildings, contained within 3 terraces and extending to 28,583 ft (2,656 m) and 106 on site parking spaces.
Located at Boldon Business Park, one of Tyneside's strongest commercial locations.
Tenants include Fairstone Group Ltd, Flame Heating Spares Ltd and Energy Compare Ltd.
One vacant unit.
Total current income £253,821.50 per annum.
Price - £2,900,000 (two million, nine hundred thousand pounds) subject to contract and exclusive of VAT.
A purchase at this level reflects a net initial yield of 8.2% and reversionary yield of 9.2%, after allowing for usual purchasers costs.
This reflects a low capital value of £101.50 per square foot.
Boldon is exceptionally well located to serve the whole of the north east conurbation and beyond, being 5 miles south east of Newcastle upon Tyne and 3 miles north west of Sunderland.
It sits adjacent to the main A19 trunk road that links the A1 both north and south via the Teesside conurbation and west along the A184 to Newcastle.
The accessibility of the location has improved dramatically over recent years with the opening of a second Tyne Tunnel allowing easy traffic flow along the A19 under the River Tyne. Further major road improvements have taken place with a new under pass for the A19 at the A1058 Coast Road north of the River, as well as ongoing major highway improvement works at the 'Testo' roundabout at the A19/A184 junction with the removal of the roundabout.
The Bulrushes sits just east of the A19 within Boldon Business Park, a mature mixed leisure. retail, office and industrial location which houses such occupiers as ASDA, Cineworld, Hermes, Faltec Europe, Analytix, Finning UK, as well as being adjacent to South Tyneside Council's high tech office village and serviced offices at the Quadrus Centre.
The area is home to the internationally renowned Nissan UK manufacturing plant and close to IAMP, the International Advanced Manufacturing Park which comprises 370 acres of development land and bespoke industrial opportunities.
This modern office development comprises three two storey terraces offering a total of eight individual offices, all with their on front door and with ample on site car parking. The offices are set within a desirable landscaped development.
The estate is held by way of three separate long leasehold interests for a term of 125 years from the 27 April 2007 at a peppercorn rent. (112 years unexpired).
( Agency Pilot Software Ref: 2662 )