MULTI-LET OFFICE INVESTMENT OPPORTUNITY
- The Property is situated in a prominent position on the main road running through Team Valley, the north east's premier commercial estate, that extends to over 700 acres and houses over 7 million sq ft of business space.
- The investment comprises a detached three storey office building, extending to 756 sq m (8,142 sq ft) with 35 on site parking spaces.
- Total passing rent of £78,175 pa.
- Rarely available 199 year long leasehold interest.
- Offers in excess of £850,000 (Eight Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT.
- A transaction at this level reflects a Net Initial Yield of 8.73% (£104.40 psf Capital Value), assuming usual purchaser's costs.
Gateshead is located on the south bank of the River Tyne, approximately 2 miles south of Newcastle upon Tyne, 13 miles north west of Sunderland and 14 miles north of Durham. Team Valley is located within Gateshead. Team Valley Trading Estate benefits from excellent communication links, lying adjacent to the A1 to the west, providing a direct connection to Leeds to the south and Edinburgh to the north. Newcastle International Airport which provides direct flights to 80 UK and international destinations is located approximately 10 miles away. Newcastle Central Station, approximately 2.1 miles north of the town centre, provides direct rail routes to destinations including Edinburgh and London, with a travel time of approximately 1 hour 30 minutes and 2 hours 50 minutes respectively.
Team Valley Trading Estate has become an anchor for the North East's commercial activity as one of Europe's largest business spaces, comprising over 7 million sq ft across a 700 acre site. It is occupied by over 700 companies, who employ more than 25,000
people. At the south west of the site is the Team Valley Retail World, with occupiers including Halfords, Wren Kitchens, TK Maxx and Decathlon. Kingsway South is the main dual carriageway running through the estate at the south end of Team Valley Trading Estate. Vertu Motors have their Head Office on Team Valley and other occupiers on the estate include Regus, TSG, Royal Mail, DHL Parcel, Express Engineering Ltd and De La Rue. Team Valley also benefits from an hotel, restaurants and Sainsburys supermarket.
Kings Court comprises a modern detached three storey office building providing a number of individual suites and ample on site parking. The Property extends 756 sq m (8,142 sq ft) of total accommodation. The Property is of steel frame construction with brick
clad elevations, beneath a pitched tile. To the front of the building is a central atrium which is predominantly glazed.
The upper floors are accessed via a central metal staircase. Separate male and female toilets are on the ground and first floor. A disabled toilet is on the ground floor.
Floor Area of approximately 756 sq m (8,142 sq ft). Individual suite sizes are noted in the table below. Externally there is on site car parking for 35 vehicles.
( Agency Pilot Software Ref: 2712 )