Waterview Park Mandarin Way, Washington, NE38 8QG, UK

Waterview Park, Washington, Sunderland NE38 8QG

Asset description

Fully Occupied Office Campus on a 20 Acre Site with Excellent Alternative Use Potential

...

Building area net

18,463 sm

Occupancy

100%

Year built

1999

Fully occupied office campus representing an excellent covered land opportunity
Let to Newcastle Estate partnership Limited who have sublet by a Private Finance Initiative to DWP
Sub-tenant in full occupation with a mutual break option in March 2027
Lease expiry in December 2027
Rent commencement date of October 2024 providing in excess of 2 years of income
A very low passing rent of only £4.50 psf compared to prime business park rents in the region of £14.50 psf and industrial rents of £7.50 psf
Initial rent of £347,804 pa in October 2024, rising to £621,063 pa in November 2024 and £894,314 pa in January 2025
Total minimum cumulative rent receipt to break date of £2,071,920
Total minimum cumulative rent receipt to lease expiry of £2,505,475
20 acre site situated in a prime industrial location and allocated for employment use
The property represents an excellent opportunity to redevelop as a mid-box industrial scheme or office refurbishment
Strong location within a well-established industrial estate
Long Leasehold with in excess of 220 years remaining
We are instructed to seek unconditional offers for our client's Long Leasehold interest