The Avenues, Eleventh Avenue North, Team Valley Trading Estate, Gateshead, Tyne And Wear, NE11 0NJ
Reversionary industrial and office portfolio located on the North East's prime commercial estate
Within a 10 minute drive of central Newcastle and 2 minutes from the A1
Total passing income of £126,440 pa exc. VAT (a low £6.00 psf on the industrial space and low average of £7.47 psf on the offices)
The offices are priced at a low capital value, offering potential for break-up sale premium to smaller investors, or sale to owner occupier
The modern industrial space is considered under-rented, with consistently low supply on Team Valley
Seeking offers over £1,300,000 (One Million and Three Hundred Thousand Pounds) reflecting a net initial yield of 9.18% (reversion to 11.35% at ERVs) and low blended capital value of £62.53 psf)
Consideration may be given to sale of the industrial and office assets separately
The property is located within the Team Valley Trading Estate, one ofthe North East's busiest and most important commercial areas. It covers a total of approximately 238 hectares and provides in excess of 650,000 sq m of commercial accommodation.
The estate lies approximately 4.5 miles south of the Newcastle Gateshead conurbation and has direct access onto the A1 trunk road linking the North and Scotland with the Midlands and the South.
The Avenues is situated on Eleventh Avenue North towards the southern end of Team Valley, with easy access to Kingsway, bus routes and within walking distance of Sainsburys
A self-contained semi-detached unit builtin the early 1990's, being of steel portal frame construction with part brick part clad elevations under an insulated steel clad pitched roof. The clear eaves height is 5.5m.
Internally the property has three phase electricity, integral offices and amenities areas. There is a mezzanine storage area above the offices extending to 102.06 sq. m (1,099 sq. ft) which we understand was erected by the tenant and therefore has not been rentalised. The property benefits from a large external loading and parking for 21 cars.
The adjoining Unit F19 forms part ofthe disposal but has been previously sold off on a long peppercorn lease expiring on 21 December 2114.
The property comprises of a terrace oftwo storey offices with brick elevations under a tile pitched roofs. Externally there is demised parking forthe respective tenants. The individual offices are self-contained with access from the car park and offer good quality space with double glazed windows, heating (some units also having air conditioning), suspended ceilings with recessed lighting and male, female, and accessible toilets.
The leases are on internalrepairing and insuring terms with the landlord responsible for maintaining the structure, with the ability to recoverthe costs associated via the service charge.
The property is held by way of a long peppercorn ground lease for a term of 125 years from 25th December 1989.
Seeking offers in excess of £1,300,000 (one million and three hundred thousand pounds) for the vendor's long leasehold interest.
This shows a net initial yield of 9.18% and low blended capital value value of £62.53 per sq ft.
This would provide reversion to 11.35% based on estimated rental values (ERVs).
Consideration may also be given to disposal of the industrial and office (K35-K38) assets separately, with further information on request.
Don’t miss our other properties
First Floor, Q6 Quorum Business Park, Benton Lane, Newcastle Upon Tyne, Tyne And Wear, NE12 8BT
5,400 Sq Ft (501.66 Sq M)
The Old Post Office, St. Nicholas Street, Newcastle Upon Tyne, Tyne And Wear, NE1 1RH
7,181 Sq Ft (667.11 Sq M)
Hylton Park, Hylton Park Road, Sunderland, SR5 3HD
2,033 - 5,720 of 10,575 Sq Ft (188.87 - 531.39 of 982.42 Sq M)