ADDRESSA1 Marquis Court, Team Valley Trading Estate, Gateshead, Tyne And Wear, NE11
TYPEOffice, Other, Offices, Other Property Types & Opportunities
TENUREUnder Offer, For Sale Freehold
POSTED ON12th September 2023
Description
Location
Team Valley Trading Estate is the North East's premiere commercial estate covering 285 hectares and housing in excess of 650,000 m2 of commercial accommodation. The Estate lies to the south of the Newcastle and Gateshead conurbation and adjacent to the A1.
Marquis Court is located in a prominent position on Team Valley between Kingsway South and Marquis Way and lies within easy walking distance of Team Valley Retail World.
Description
The office comprises modern semi-detached two storey office premises providing open plan accommodation (part partitioned by the tenant) and benefiting from its own front door, independent gas fired heating and WC and kitchen facilities. Dedicated car parking is available within a central courtyard.
Other tenants of note within the development include, Kinetic PLC, Pin Point Recruitment, ADS Limited, Assure Surveys Limited and Changing Lives.
Tenure Comments
The property is held by way of a long ground lease dated 1 March 1990 at a peppercorn rent.
The buyer will be granted an underlease for a term expiring 21 February 2115. The underlease will be in the standard form of long underlease for the estate.
The occupational lease is to DMC Accountancy Services Limited, a full-service accountancy firm. More information can be found on their website Meet our Team of Chartered Accountants | About Us (dmcnorth.co.uk)
The lease is for a term of 5 years from 19thDecember 2022 without break. The tenant benefits from a 6-month rent free period from the date of completion of the lease, which will be topped up by the seller.
The service charge is capped at £2,500pa ex VAT increasing annually in line with RPI.
Current service charge is running at £2,049, so we anticipate the service charge cap is significantly higher than anticipated service charge costs. ( Agency Pilot Software ref: 2940 )
