Waterview Park, Washington, Sunderland NE38 8QG_Property for Sale
Waterview Park, Washington, Sunderland NE38 8QG_Property for Sale
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

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Attributes

Building area net
18,463 sm
Occupancy
100%
Year built
1999

Media

Investment highlights

  • 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

Contact brokers

Waterview Park, Washington, Sunderland NE38 8QG (0 Properties)

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Last updated
Oct 25, 2023