Fully Occupied Office Campus on a 20 Acre Site with Excellent Alternative Use Potential
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Attributes
Building area net
25,655 m²
Occupancy
100%
Year built
1995
Land area gross
8.09 ha
Media
Investment Highlights
20 acre site with excellent alternative use potential
Low passing rent of only £4.50 psf compared to prime business park rents of £16.50 psf
Let to Newcastle Estate Partnership Limited who have sublet by a Private Finance Initiative to DWP
100% occupied by DWP
Excellent urban location less than 4 miles from Newcastle City Centre, 5 miles from the A1(M) via the A191 and Benton Metro Station being within 0.4 miles
Long leasehold with in excess of 220 years remaining - the head lease has no onerous use clauses or any head rent payable
Sub-tenant in full occupation with mutual break in January 2025 and lease expiry in December 2027
4 high specification buildings and on-site amenity constructed between 1995 and 2003 and extending to 276,148 sq ft in total
Current passing rent of £981,395 per annum
Minimum rent roll to break of £1,002,904
Minimum rent roll to lease expiry of £3,944,000
Recent Taylor Wimpey scheme in the micro location consisting of 75 dwellings
We are instructed to seek unconditional offers for our client's Long Leasehold interest
Contact brokers
Tyneview Park, Benton, Newcastle Upon Tyne NE12 9TR (0 Properties)