Autotrader House High Street, Gateshead - SLIDEBLAST.COM
POTential prime development/Investment For Sale
Autotrader House High Street, Gateshead
Autotrader House High Street, Gateshead, NE8 2AP • High profile location on the roadside of the A167 to the southern end of the Tyne Bridge • Detached office building of 6,570 ft2 on a site of 0.146 acres • Potential future development site suitable for a number of uses, subject to planning • Freehold • Curently-let to GEC Solutions Limited at a passing rent of £33,100 per annum with 1.25 years to the break and 3.25 years to expiry
We have been instructed to seek offers in the region of £500,000 (Five Hundred Thousand Pounds) for our client’s freehold interest, subject to contract and exclusive of VAT. Based on the current income this provides a net initial yield of 6.32% after allowing for purchaser’s costs of 4.70% costs for the remainder of the lease terms.
Location Autotrader House is located on a highly prominent site to the southern end of the Tyne Bridge and on the eastern side of the A167, providing excellent access to the centres of both Newcastle and Gateshead, as well as access to the A1 via the A184. The nearby Gateshead Quays area has been subject to major investment and redevelopment and has now become a thriving business and cultural location of national significance with developments including the Sage Gateshead, the Baltic Centre for Contemporary Art and the new Gateshead College campus. Gateshead Town Centre has undergone a substantial redevelopment which completed in early 2014 and now provides 240,000 ft2 of new retail and leisure space, a new Tesco Extra Store, 7 screen Vue cinema complex and numerous bars and restaurants, all within a 2 minute walk of Autotrader House.
Description
Development Potential
Autotrader House is a detached two storey office building providing a mixture of cellular and open plan office accommodation. The principal entrance is from the front elevation with a further entrance to the rear providing a separate access to the first floor. The accommodation benefits from suspended ceilings to parts, perimeter electrical and telephone trunking, air conditioning (in part) and is heated by way of gas central heating. There is a fully fitted kitchen and WC facilities. The property has a small car parking area to the rear and there is a further car park used by the tenant but not within the ownership of the landlord.
Accommodation The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and has the following Net Internal Area (NIA): Floor
M²
Ft²
Basement
101.55
1,093
Ground
245.69
2,644
First
263.18
2,833
Total
610.42
6,570
We envisage that the site has major future development potential due to its prominent location and could be suitable for office, residential or mixed use, subject to planning.
Tenure Freehold
EPC
Tenancy
The property has an Energy Performance Certificate rating of D (90). A copy of the EPC and Recommendation Report can be provided on request.
Tenant
VAT The property has been elected for VAT and therefore VAT will be payable on the purchase price. It is envisaged the sale will be dealt with by way of a TOGC.
GEC Solutions Limited
Floor
Ground and Basement
Lease Commencement
05/01/2015
Lease Expiry (Break)
04/01/2020 (04/01/2018)
Rent (per annum)
Pay 50% of the car park lease - £2,500 per annum. £16,000
Proposal We have been instructed to seek offers in the region of £500,000 (Five Hundred Thousand Pounds) for our client’s freehold interest, subject to contract and exclusive of VAT. Based on the current income this provides a net initial yield of 6.32% after allowing for purchaser’s costs of 4.70% costs for the remainder of the lease terms.
Contact Information For further information or to arrange an inspection please contact: Adam Greenwood MRICS 0191 594 5000 07776 858 536 [email protected] Patrick Matheson MRICS 0191 594 5015 07796 192 356 [email protected] Knight Frank LLP St Ann’s Quay 124 Quayside Newcastle upon Tyne NE1 3BD
GEC Solutions Limited
Comments
The lease is excluded from the security of tenure provisions within the Landlord and Tenant Act 1954. Pay 50% of the car park lease - £2,500 per annum.
First
01/01/2016
04/01/2020 (04/01/2018)
£17,100
Lease is subject to a schedule of condition and is excluded from the security of tenure provisions within the Landlord and Tenant Act 1954.
£33,100 The car park to the rear of the property is owned by Gateshead Council. There is an annual tenancy in place between the council and the landlord which is covered by the tenant at £5,000 per annum.
us Ho ry nt u Ce
Albion House
e De t po
1
Bush Yard
5
B
G IN
tle as wc Ne
28.7m
L ND RA
ST 28
S
ty Ci
29.0m
Br
re nt Ce
M HY
C S' ER
OU
S AY QU
RT
T GA
E
ad he tes
wn To
6
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l ipa nic Mu gs ildin Bu
E AC PL 8
House
This Plan is based upon the Ordnance Survey Map with the sanction of the Controller of H.M. Stationery Office. Crown Copyright reserved. (ES763454). This Plan is published for the convenience of Purchasers only. Its accuracy is not guaranteed and it is expressly excluded from any contract. NOT TO SCALE.
Municipal Buildings
NE UR INB SW
S NE
T
N UR
32.0m
T EE TR LB ES
Ga
INB SW
ark
88
Car Park
TE
65
A LG EL KW
Ca rP
EE TR
OA
Dun Cow Yard
29.0m
EA ST GA TE
10
Kent House
Car Park
ET RE .3m
NE PLAC E
0191 221 2211 UR INB SW
This Plan is based upon the Ordnance Survey Map with the sanction of the Controller of H.M. Stationery Office. Crown Copyright reserved. (ES763454). This Plan is published for the convenience of Purchasers only. Its accuracy is not guaranteed and it is expressly excluded from any contract. NOT TO SCALE.
Important Notice 1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s).
St Ann’s Quay, 124 Quayside, Newcastle upon Tyne, NE1 3BD [email protected]
2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: The VAT position relating to the property may change without notice. Viewing by appointment only. Particulars dated July
KnightFrank.co.uk O LS NE
N
RE ST
ET
2016. Photographs dated July 2016. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of members’ names.
Autotrader House High Street, Gateshead
Autotrader House High Street, Gateshead, NE8 2AP • High profile location on the roadside of the A167 to the southern end of the Tyne Bridge • Detached office building of 6,570 ft2 on a site of 0.146 acres • Potential future development site suitable for a number of uses, subject to planning • Freehold • Curently-let to GEC Solutions Limited at a passing rent of £33,100 per annum with 1.25 years to the break and 3.25 years to expiry
We have been instructed to seek offers in the region of £500,000 (Five Hundred Thousand Pounds) for our client’s freehold interest, subject to contract and exclusive of VAT. Based on the current income this provides a net initial yield of 6.32% after allowing for purchaser’s costs of 4.70% costs for the remainder of the lease terms.
Location Autotrader House is located on a highly prominent site to the southern end of the Tyne Bridge and on the eastern side of the A167, providing excellent access to the centres of both Newcastle and Gateshead, as well as access to the A1 via the A184. The nearby Gateshead Quays area has been subject to major investment and redevelopment and has now become a thriving business and cultural location of national significance with developments including the Sage Gateshead, the Baltic Centre for Contemporary Art and the new Gateshead College campus. Gateshead Town Centre has undergone a substantial redevelopment which completed in early 2014 and now provides 240,000 ft2 of new retail and leisure space, a new Tesco Extra Store, 7 screen Vue cinema complex and numerous bars and restaurants, all within a 2 minute walk of Autotrader House.
Description
Development Potential
Autotrader House is a detached two storey office building providing a mixture of cellular and open plan office accommodation. The principal entrance is from the front elevation with a further entrance to the rear providing a separate access to the first floor. The accommodation benefits from suspended ceilings to parts, perimeter electrical and telephone trunking, air conditioning (in part) and is heated by way of gas central heating. There is a fully fitted kitchen and WC facilities. The property has a small car parking area to the rear and there is a further car park used by the tenant but not within the ownership of the landlord.
Accommodation The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and has the following Net Internal Area (NIA): Floor
M²
Ft²
Basement
101.55
1,093
Ground
245.69
2,644
First
263.18
2,833
Total
610.42
6,570
We envisage that the site has major future development potential due to its prominent location and could be suitable for office, residential or mixed use, subject to planning.
Tenure Freehold
EPC
Tenancy
The property has an Energy Performance Certificate rating of D (90). A copy of the EPC and Recommendation Report can be provided on request.
Tenant
VAT The property has been elected for VAT and therefore VAT will be payable on the purchase price. It is envisaged the sale will be dealt with by way of a TOGC.
GEC Solutions Limited
Floor
Ground and Basement
Lease Commencement
05/01/2015
Lease Expiry (Break)
04/01/2020 (04/01/2018)
Rent (per annum)
Pay 50% of the car park lease - £2,500 per annum. £16,000
Proposal We have been instructed to seek offers in the region of £500,000 (Five Hundred Thousand Pounds) for our client’s freehold interest, subject to contract and exclusive of VAT. Based on the current income this provides a net initial yield of 6.32% after allowing for purchaser’s costs of 4.70% costs for the remainder of the lease terms.
Contact Information For further information or to arrange an inspection please contact: Adam Greenwood MRICS 0191 594 5000 07776 858 536 [email protected] Patrick Matheson MRICS 0191 594 5015 07796 192 356 [email protected] Knight Frank LLP St Ann’s Quay 124 Quayside Newcastle upon Tyne NE1 3BD
GEC Solutions Limited
Comments
The lease is excluded from the security of tenure provisions within the Landlord and Tenant Act 1954. Pay 50% of the car park lease - £2,500 per annum.
First
01/01/2016
04/01/2020 (04/01/2018)
£17,100
Lease is subject to a schedule of condition and is excluded from the security of tenure provisions within the Landlord and Tenant Act 1954.
£33,100 The car park to the rear of the property is owned by Gateshead Council. There is an annual tenancy in place between the council and the landlord which is covered by the tenant at £5,000 per annum.
us Ho ry nt u Ce
Albion House
e De t po
1
Bush Yard
5
B
G IN
tle as wc Ne
28.7m
L ND RA
ST 28
S
ty Ci
29.0m
Br
re nt Ce
M HY
C S' ER
OU
S AY QU
RT
T GA
E
ad he tes
wn To
6
e ntr Ce
l ipa nic Mu gs ildin Bu
E AC PL 8
House
This Plan is based upon the Ordnance Survey Map with the sanction of the Controller of H.M. Stationery Office. Crown Copyright reserved. (ES763454). This Plan is published for the convenience of Purchasers only. Its accuracy is not guaranteed and it is expressly excluded from any contract. NOT TO SCALE.
Municipal Buildings
NE UR INB SW
S NE
T
N UR
32.0m
T EE TR LB ES
Ga
INB SW
ark
88
Car Park
TE
65
A LG EL KW
Ca rP
EE TR
OA
Dun Cow Yard
29.0m
EA ST GA TE
10
Kent House
Car Park
ET RE .3m
NE PLAC E
0191 221 2211 UR INB SW
This Plan is based upon the Ordnance Survey Map with the sanction of the Controller of H.M. Stationery Office. Crown Copyright reserved. (ES763454). This Plan is published for the convenience of Purchasers only. Its accuracy is not guaranteed and it is expressly excluded from any contract. NOT TO SCALE.
Important Notice 1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s).
St Ann’s Quay, 124 Quayside, Newcastle upon Tyne, NE1 3BD [email protected]
2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: The VAT position relating to the property may change without notice. Viewing by appointment only. Particulars dated July
KnightFrank.co.uk O LS NE
N
RE ST
ET
2016. Photographs dated July 2016. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of members’ names.
