Aidan House, Bede House & Chad House, Tynegate Precinct Gateshead Newcastle upon Tyne NE8 3HU

Aidan House, Bede House & Chad House, Tynegate Precinct
Gateshead
Newcastle upon Tyne
NE8 3HU

Substantial Ground Rent Investment

Let to Northern Office Investment Limited until 2115
Important 2012 rent review (upwards only to 10200677144f the open market rental value of all three office buildings)
Prominent position just off the A167
Total approximate site area of 1.27 acres (0.51 hectares)
Six Week Completion Period Available

Lot
28
Auction
8th December 2011
Rent
£83,500 per Annum Exclusive
Status
Sold
Price
£930,000
Sector
Ground Rent
Auction Venue
Millennium Hotel
44 Grosvenor Square
London W1K 2HP

Important Update

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Substantial Ground Rent Investment

Let to Northern Office Investment Limited until 2115
Important 2012 rent review (upwards only to 10200677144f the open market rental value of all three office buildings)
Prominent position just off the A167
Total approximate site area of 1.27 acres (0.51 hectares)
Six Week Completion Period Available

Lot 28
Auction 8th December 2011
Rent £83,500 per Annum Exclusive
Status Sold
Price £930,000
Sector
Ground Rent
Auction Venue
Millennium Hotel
44 Grosvenor Square
London W1K 2HP

Property Information

Location

Miles: 1.5 miles south of Newcastle upon Tyne, 11 miles north-west of Sunderland, 14 miles north of Durham
Roads: A167, A184, A1(M) (Junction 64)
Rail: Gateshead Metro Station, Newcastle Central Railway Station
Air: Newcastle Airport

Situation

The property is situated in a prominent position on the southern side of Sunderland Road just off the Gateshead Highway (A167).

Tenure

Long Leasehold. Held from the Borough of Gateshead for 125 years from 31st March 1990 at a peppercorn rent

Location

Miles: 1.5 miles south of Newcastle upon Tyne, 11 miles north-west of Sunderland, 14 miles north of Durham
Roads: A167, A184, A1(M) (Junction 64)
Rail: Gateshead Metro Station, Newcastle Central Railway Station
Air: Newcastle Airport

Situation

The property is situated in a prominent position on the southern side of Sunderland Road just off the Gateshead Highway (A167).

Tenure

Long Leasehold. Held from the Borough of Gateshead for 125 years from 31st March 1990 at a peppercorn rent

Description

The property comprises two parcels of land with an approximate site area of 1.27 acres (0.51 hectares), upon which has been erected three office buildings and parking for a total of 345 cars.

VAT

VAT is not applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises two parcels of land with an approximate site area of 1.27 acres (0.51 hectares), upon which has been erected three office buildings and parking for a total of 345 cars.

VAT

VAT is not 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
Aidan House Bede House Chad House	Office Office Office	3,945.65 sq m 4,784.47 sq m 3,813.08 sq m	(42,471 sq ft) (51,500 sq ft) (41,044 sq ft)	NORTHERN OFFICE INVESTMENT LIMITED (1)	125 years less 5 days from 31/03/1990 until 26/03/2115 on a full repairing and insuring lease	£83,500	01/07/2012 and five yearly thereafter (2) (3)
Totals		12,543.20 sq m	(135,015 sq ft)			£83,500

(1) For the year ending 31st October 2010, Northern Office Investments Limited reported a turnover of £2,135,600, pre-tax profits of £171,148 and a total net worth of £5,385,441. (Source: www.riskdisk.com 09/11/2011)
(2) The rent is to be reviewed upwards only to 10% of the open market rental value of all three office buildings.
(3) Upon the last rent review in 2007 the rental income increased from £76,000 p.a.x. to the current rent.