Driving Test Centre, Waterside Drive Dunston Gateshead NE11 9HU

Driving Test Centre, Waterside Drive
Dunston
Gateshead
NE11 9HU

Freehold Driving Test Centre Investment

Entirely let to the Secretary of State for Community and Local Government on a 40 year lease until 2047 (subject to options)
Close to the Intu Metrocentre Shopping Centre
Five Yearly Uncapped RPI Linked Reviews
Approximate site area of 1.28 hectares (3.16 acres)
On-site car parking for approximately 40 cars
Six Week Completion

Lot
19
Auction
27th March 2014
Rent
£181,694 per Annum Exclusive
Status
Sold
Price
£1,970,000
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP

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Freehold Driving Test Centre Investment

Entirely let to the Secretary of State for Community and Local Government on a 40 year lease until 2047 (subject to options)
Close to the Intu Metrocentre Shopping Centre
Five Yearly Uncapped RPI Linked Reviews
Approximate site area of 1.28 hectares (3.16 acres)
On-site car parking for approximately 40 cars
Six Week Completion

Lot 19
Auction 27th March 2014
Rent £181,694 per Annum Exclusive
Status Sold
Price £1,970,000
Sector
Motor Trade, Petrol Station
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP

Property Information

Location

Miles: 4 miles south-west of Newcastle upon Tyne, 4 miles west of Gateshead City Centre, 17 miles north of Durham, 59 miles east of Carlisle, 93 miles north of Leeds
Roads: A1, A184, A694, A167(M), A194(M)
Rail: Metrocentre Railway Station, Dunston Railway Station
Air: Newcastle Airport (6.3 miles), Durham Tees Valley Airport (32 miles), Leeds Bradford Airport (76 miles)

Situation

The property is located in a mixed use area incorporating retail, trade, office and motor trade users in the Gateshead suburb of Dunston, just off Waterside Drive and in close proximity to the A1. The property is situated 500m east of the Intu Metrocentre Shopping Centre, Europe’s largest shopping and leisure centre which houses occupiers such as Odeon iMax, Pizza Hut, House of Fraser, Debenhams, Apple Store and TK Maxx.

Tenure

Freehold.

Location

Miles: 4 miles south-west of Newcastle upon Tyne, 4 miles west of Gateshead City Centre, 17 miles north of Durham, 59 miles east of Carlisle, 93 miles north of Leeds
Roads: A1, A184, A694, A167(M), A194(M)
Rail: Metrocentre Railway Station, Dunston Railway Station
Air: Newcastle Airport (6.3 miles), Durham Tees Valley Airport (32 miles), Leeds Bradford Airport (76 miles)

Situation

Tenure

Freehold.

Description

The property comprises a single storey office unit and large hard standing driving practice area used as a driving test centre for motorbikes, taxis and cars. It benefits from an approximate site area of 1.28 hectares (3.16 acres) and provides customer car parking for approximately 40 cars.

VAT

VAT is applicable to this lot.

EPC

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

Description

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
Ground	Driving Test Centre	180.05 sq m	(1,938 sq ft)	SECRETARY OF STATE FOR COMMUNITY AND LOCAL GOVERNMENT	40 years from 09/05/2007 until 08/05/2047 on a full repairing and insuring lease (1) (2)	£181,694	09/05/2017 and 5 yearly

(1) The lease provides five yearly upward only rent reviews to the higher of uncapped annually compounded RPI or OMRV.
(2)The lease provides a tenant’s option to break on the fifteenth and twenty-fifth anniversary of the term.