Job Centre Plus
Pennine House, Washington Quadrant
Washington
Tyne and Wear
NE37 1LY

Freehold Multi-Let Office Investment

  • Majority let to The Secretary of State for Communities and Local Government on a renewed lease until 2027 (no breaks)
  • Active management potential
  • Car parking for approximately 43 cars
  • 2,434.55 sq m (26,206 sq ft) of office accommodation
  • Prominent position just off A1 duel carriageway
  • 300 metres from The Galleries Shopping Centre and Retail Park
  • Lot
    34
  • Auction
    14/Feb/2019
  • Rent
    £139,405 per Annum Exclusive
  • Status
    Withdrawn Prior
  • Price*
     
  • Sector
    Office
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
Important Auction & Property Update
  • Job Centre Plus<br>Pennine House, Washington Quadrant<br>Washington<br>Tyne and Wear<br>NE37 1LY
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* More information on the term "price" can be found here

Property Information

Location
Miles
8 miles south-east of Newcastle, 11 miles north of Durham
Roads
A1, A182, A123
Air
Newcastle International Airport
Situation

The property is situated just east of the A1 dual carriageway, approximately 300 metres from The Galleries Shopping Centre and Retail Park which is anchored by Asda, with other occupiers including Iceland, McDonald’s, Sainsbury’s, JD Sports, EE, Home Bargains and Holland & Barrett.

Tenure

Freehold.

Description

The property comprises office accommodation on the ground and four upper floors. The office benefits from two lifts. The property benefits from car parking for approximately 43 cars.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

Band C

Tenancy & Accommodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReviews/
(Reversion)
Ground
First
Second
Office
Office
Office
1,435.62 sq m(15,453 sq ft)THE SECRETARY
OF STATE FOR
COMMUNITIES
AND LOCAL
GOVERNMENT
t/a Job Centre Plus
From 01/04/2018
until 31/03/2027 on
a full repairing and
insuring lease (1)
£109,500
(2)
01/04/2023
Third (Suite 3.2)Office503.44 sq m(5,419 sq ft)VACANT POSSESSION   
Fourth
(Suites 4.1,
4.2 and 4.4)
Office417.60 sq m(4,495 sq ft)VACANT POSSESSION   
Fourth
(Suite 4.3)
Office77.76 sq m(837 sq ft)AHL INDUSTRIAL
PIPEWORK
SPECIALISTS LIMITED
(3)
5 years from
21/09/2017 (3)
£8,370(21/09/2022)
Mast   CORNERSTONE
TELCOMMUNICATIONS
INFRASTRUCTURE
LIMITED
25 years from
3/08/2015 until
02/08/2040 (4)
£7,500 
Antenna   HUTCHISON 3G UK
LIMITED
20 years from
17/10/2001 until
30/12/2021 (5)
£14,035.54 
Totals
2,434.42 sq m
(26,204 sq ft)
  £139,405.54 

(1) The lease is on full repairing and insuring terms, subject to an arrangement during the period where the Government or a Government Department is the tenant where generally the Government will be self-insuring, i.e. there is no requirement for the tenant to insure and no entitlement for the landlord to reinstatement as set out in Schedule 9 of the Lease.
(2) The lease provides for a rent free period from 1st April 2018 until 1st January 2020. The seller will pay the buyer monies equivalent to £109,500 per annum exclusive from completion of the sale until the end of the rent free period. Therefore, the property will produce £109,500 per annum exclusive from the completion of the sale.
(3) AHL Industrial Pipework Specialists Limited was incorporated in March 1989 and is rated by Experian as “Very Low Risk”. (Experian 21/01/2019). As to Office Suite 4.3, the lease provides for a tenant option to determine the lease on 21/09/2020 on 6 months’ notice
(4) The lease provides for a tenant option to determine the lease at any time after 03/08/2018 on 12 months’ written notice. The tenant can also determine the lease immediately if either Telefonica or Vodafone loses its statutory authorisation to operate a communications network/its operators licence.
(5) The lease provides for a tenant option to determine the lease at any time after the fifth anniversary, if the tenant establishes to the landlord’s reasonable satisfaction that the demise can no longer be used for the use permitted by the lease. There is a Landlord only option to determine the lease at any time after the fifth anniversary of the lease on 12 months’ notice where it can show a settled intention to develop and could not reasonably do so without obtaining possession of the areas in which the apparatus is situated.

Property Documents

  • Catalogue Page
    Updated Date
    22.01.19
    File Size
    1 MB
    View PDF
  • Site Plan
    Updated Date
    22.01.19
    File Size
    1 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.01.19
    File Size
    143 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060519john.mehtab@acuitus.co.uk
Billy StruthBilly Struth +44(0)20 7034 4854billy.struth@acuitus.co.uk
Associate Auctioneers
CBRE Limited Henrietta House, Henrietta Place
London
W1G 0NB
Daniel Mattey 020 3257 6753daniel.mattey@cbre.com
Seller's Solicitors
Addleshaw Goddard LLP 3 Sovereign Square, Sovereign Street
Leeds
LS1 4ER
Sabrina Ellahi 0113 209 4951sabrina.ellahi@addleshawgoddard.com

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