Benton Park View, Longbenton, Newcastle NE98 1ZZ_Property for Sale
Benton Park View, Longbenton, Newcastle NE98 1ZZ_Property for Sale
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

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Attributes

Building area net
982,072 sf
Occupancy
100%
Year built
1999

Media

Investment Highlights

  • 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

Contact brokers

Benton Park View, Longbenton, Newcastle NE98 1ZZ (0 Properties)

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Last updated
16 May 2024