For Sale - Out of Town Office Investment. - - Cobalt Business park is the dominant out of town office destination for the North East totalling 1,677,000 sq ft of Grade A office accommodation and home to 14,000 staff
- Fully let to the undoubted covenant of Procter & Gamble (£172m Turnover) until April 2027 providing an unexpired term of 4.6 years.
- Passing off an annual rent of £1,250,265 reflecting a modest £12.50 per sq ft
- Situated on a site of approximately 5 acres, with 415 parking spaces providing an excellent parking ratio of 1:237
- Extending to 98,343 sq ft (9,136 sq m) with excellent building configuration capable of sub division into two halves or floor by floor basis.
- 2 x 12 person passenger lifts
- Significant asset management opportunity to reposition the building in line with ESG requirements and regear the lease to Procter and Gamble.
- We have been instructed to seek offers in excess of £11,200,000 (Eleven Million, Two Hundred Thousand Pounds) for our clients long leasehold interest. A purchase at this level reflects a NIY of 10.46% and a capital value of £113 per sq ft.