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
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
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.
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
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.
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.
Contacts
Associate Auctioneers
DTZ Central Square, Forth Street Newcastle upon Tyne NE1 3PJ
