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 14th February 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Status Withdrawn Prior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
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.
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
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
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews/ (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)
(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.
