Includes 72 car parking spaces (see Note opposite)
Major regional centre and University city
Active management and residential redevelopment potential (subject to consents)
Six Week Completion Period Available
Lot 26
Auction 23rd October 2014
Rent £297,370 per Annum Exclusive
Status Sold
Price £1,790,000
Sector Office
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
On Behalf of Kirstie Provan and Mark Fry as Joint Law of Property Act Receivers
Property Information
Location
Miles
13 miles north-west of Sunderland
37 miles north of Middlesbrough
Roads
A167(M) A1(M), A19
Rail
Newcastle Central Rail Station and Newcastle Main Rail Station
Air
Newcastle International Airport
Situation
The property is prominently situated at the junction of Sandyford Road and Portland Road approximately ½ mile north-east of Newcastle city centre. The immediate locality is a mixed use office, residential and leisure location.
Tenure
Freehold.
Location
Miles
13 miles north-west of Sunderland
37 miles north of Middlesbrough
Roads
A167(M) A1(M), A19
Rail
Newcastle Central Rail Station and Newcastle Main Rail Station
Air
Newcastle International Airport
Situation
The property is prominently situated at the junction of Sandyford Road and Portland Road approximately ½ mile north-east of Newcastle city centre. The immediate locality is a mixed use office, residential and leisure location.
Tenure
Freehold.
Description
The property is an attractive multi-storey building, comprising office accommodation on ground and three upper floors. The office accommodation benefits from open plan “L”-shaped floor plates, with suspended ceilings with Category 2 lighting, comfort cooling and heating and perimeter trunking. The property benefits from some 72 car parking spaces, 48 of which are situated on an adjoining piece of land (See note opposite).
Note – The 48 car parking spaces on the adjoining land (shaded blue on the
plan) is held on a Leasehold interest from Newcastle City Council for a term of 15 years from 24th June 2005 until 23rd June 2020 at a current rent reserved of £38,400 per annum exclusive. The rent is recovered from Northgate and Prudhoe NHS Trust under the terms of the two occupational leases.
Planning
The property may be suitable for redevelopment to residential, hotel or student
accommodation, subject to obtaining consents.
Note
This property is being marketed for sale on behalf of Joint Law of Property Act
Receivers and therefore no warranties or guarantees in any respect, including
VAT, can be given. The information in these particulars has been provided by
the Joint Law of Property Act Receivers to the best of their knowledge but the
purchaser must rely solely upon their own enquiries. The Joint Law of Property
Act Receivers are not bound to accept the highest or any offer and are acting
in respect of this sale without personal liability.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property is an attractive multi-storey building, comprising office accommodation on ground and three upper floors. The office accommodation benefits from open plan “L”-shaped floor plates, with suspended ceilings with Category 2 lighting, comfort cooling and heating and perimeter trunking. The property benefits from some 72 car parking spaces, 48 of which are situated on an adjoining piece of land (See note opposite).
Note – The 48 car parking spaces on the adjoining land (shaded blue on the
plan) is held on a Leasehold interest from Newcastle City Council for a term of 15 years from 24th June 2005 until 23rd June 2020 at a current rent reserved of £38,400 per annum exclusive. The rent is recovered from Northgate and Prudhoe NHS Trust under the terms of the two occupational leases.
Planning
The property may be suitable for redevelopment to residential, hotel or student
accommodation, subject to obtaining consents.
Note
This property is being marketed for sale on behalf of Joint Law of Property Act
Receivers and therefore no warranties or guarantees in any respect, including
VAT, can be given. The information in these particulars has been provided by
the Joint Law of Property Act Receivers to the best of their knowledge but the
purchaser must rely solely upon their own enquiries. The Joint Law of Property
Act Receivers are not bound to accept the highest or any offer and are acting
in respect of this sale without personal liability.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews/(Reversion)
Ground and First (Part) and 12 Car parking spaces
Office
1,156.08 sq m
(12,444 sq ft)
NORTHGATE AND RUDHOE NHS TRUST
15 years from 14/06/2005
£200,714
01/06/2015 (31/05/2020)
First (Part)
Office
346.15 sq m
(3,726 sq ft)
NORTHGATE AND PRUDHOE NHS TRUST
15 years from 13/02/2006 (1)
£49,266
(12/02/2021)
Second
Office
757.99 sq m
(8,159 sq ft)
VACANT POSSESSION
Third (Part) and 12 Car parking Spaces
Office
383.22 sq m
(4,125 sq ft)
INTERACTIVE DEVELOPMENT EDUCATION LIMITED
5 years from 28/02/2014
£47,390
(27/02/2019)
Third (Part) (4)
Office
350.80 sq m
(3,776 sq ft)
INTERACTIVE DEVELOPMENT EDUCATION LIMITED
5 years from 28/02/2014
Nil (3)
Totals
2,994.24 sq m
(32,230 sq ft)
£297,370 with one office floor to be let and subject to Note above
(1) The lease provides for a tenant option to determine the lease on 13th February 2016. (2) The lease to Interactive Development Education Limited is excluded from the security of tenure provisions of the Landlord and Tenant Act 1954 and provides for a tenant option to determine on 24th March 2016. (3) As to the third floor part occupied under a lease by Interactive Development Education Limited, the rent reserved is Nil but with an obligation for the tenant to pay rates and service charge. There is a mutual option to determine the lease on 6 months’ notice. (4) As to the residue of the third floor, Interactive Development Education Limited are in discussions with the seller to take a lease on the same rates and service charge only basis.
