Whitley Road Benton, Newcastle Upon Tyne, NE12 9TR, UK

Tyneview Park, Benton, Newcastle Upon Tyne NE12 9TR

Asset Description

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

...

Building area net

276,148 sf

Occupancy

100%

Year built

1995

Land area gross

20 acres

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