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
    08/Dec/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
  • Expand
  • Photos
  • Map

* More information on the term "price" can be found here

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

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

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReviews
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
£83,50001/07/2012 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.

Property Documents

  • Site Plan
    Updated Date
    23.09.15
    File Size
    68 KB
    View PDF
  • Catalogue Page
    Updated Date
    23.09.15
    File Size
    1 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Seller's Solicitors
Fladgate LLP 16 Great Queen Street
London
WC2B 5DG
0203 036 7702
Barbara Eilon 0203 036 7202beilon@fladgate.com

Useful Links

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