The portfolio comprises a total of 70 units and is 100% occupied, let to 64 tenants in total reflecting diverse income, with no tenant reflecting more than 3.72% of the total income, and the top 10 tenants reflecting only 24.35% of the total income.
Majority of the income is contracted beyond 2031 and subject to upward only rent reviews, to the greater of OMV or the Retail Price Index with no cap or collar, offering a highly attractive running yield and significant index linked rental growth.
Total Floor Area of 126,071 sq ft across the three estates, with an average unit size of 1,801 sq ft.
All units have an EPC ratings of A and B, and are provided with a 10-year latent defects insurance backed
guarantee, offering future proofed assets.
Combined total passing rent of £1,345,300 per annum providing an average passing rent of £10.67psf.
The Portfolio provides 35 lease events within the first 3 years offering short term scope to capture rental growth.
Projected RPI linked rental growth provides a reversion to c. £1,667,333pa by 2031.
A combined WAULT of 8.7 years to expiry, and 3.3 years to breaks, and 3.2 years to reversion.
( Agency Pilot Software ref: 1545 )
Location
Mandale Park NE15 is located in Lemington in Newcastle upon Tyne. Newcastle upon Tyne is the principal city in the North East and 7th largest in the UK. The city is served by the A1 which runs west of the city northwards towards Scotland and south towards Leeds. The A19 runs north around the city linking to the A1 and southwards along the coast to Sunderland and onto Middlesbrough and Yorkshire. The city is served by the East Coast mainline providing a fastest journey time to London Kings Cross of 2 hours 40 minutes and Waverley, Edinburgh of 1 hour 30 minutes. Newcastle has a population of approximately 300,000 and a wider catchment population of nearer 1 million who are within a 30 minute drive time. There is also a student population of over 100,000 across five Universities, 80% of the North East graduates remain and work in the region.
Newcastle International Airport is 7 miles north of the asset and serves over 5.3 million passengers each year. The estate is situated circa 5 miles west of Newcastle city centre and is connected to excellent communications across the region and to the national motorway infrastructure with direct access to the A6085 / A695 Scotswood Road and in turn the A1(M) and A66. The immediate area is a well-established and geographically strong commercial and industrial location popular for last-mile logistics, trade counter, general industrial and manufacturing, trade counter uses.
Accommodation
26 units providing 57,871 sq ft on a 4.23 acre site reflecting a low site cover of only 31.40%
11no. industrial hybrid units 1,550 sq ft
Terms
The service charge is running at £1,000pa for each hybrid unit with the addition of £350pa per unit for insurance. The traditional industrial units service charge is £0.60psf per annum and an additional £0.25psf per annum for insurance. The Cone is let on Fully Repairing & Insuring terms, and in addition there is further coverage where excess works may be required, the costs can be recovered via the service charge
Specification
- Solid concrete slab
- EPC A & B ratings
- 24 hour CCTV
- EV Charging Points
- 3 Phase electricity supply
- Considerable parking provision
- Bike Stores