Benton Park View, Newcastle Upon Tyne, NE98 1ZZ, UK

Benton Park View, Longbenton, Newcastle NE98 1ZZ

Asset description

Fully Occupied Office Campus Extending to 56 Acres with Significant Redevelopment Potential

...

Building area net

91,237 sm

Occupancy

100%

Year built

1999

One of the most significant redevelopment sites in the regional markets
A 56 acre site capable of supporting multiple uses including residential, offices, urban logistics and life sciences
Let to Newcastle Estate Partnership Limited who have sublet to HMRC by way of a Private Finance Initiative
Excellent urban location less than 3 miles from Newcastle City Centre
Sub-tenant in full occupation with a break option in March 2027 and lease expiry in December 2027
Initial rent of £561,732 pa in December 2024 rising to £2,084,030 pa in April 2025 and to £2,972,906 pa in November 2027
Low passing rent of only £4.50 psf compared to prime business park rents of £16.50 psf
Long leasehold in excess of 200 years with no onerous clauses or any head rent payable
Total minimum cumulative rent receipt over term to break is £4,052,789
Total minimum cumulative rent receipt over term to lease expiry is £6,401,550
Fully let, high specification offices creating a dominant business park location
We are instructed to seek unconditional offers for our client's long leasehold interest