Centrally Located Retail and Office Investment, New England House, Northumberland Road, Newcastle upon Tyne, NE1 8JW

- Well located city centre office and retail building situated immediately off Newcastle’s prime retail thoroughfare and close to the Haymarket Metro and University campuses.
- The building was constructed in the early 1980’s and subsequently refurbished, extending to a total of net internal area 21,339 sq ft over ground and 4 upper floors.
- The property features modernised common areas, refurbished offices and WC’s, 2 passenger lifts and an attractive central courtyard.
- Multi let to 6 tenants including Secretary of State for Defence and Reed Employment Ltd with an average weighted unexpired lease term to expiry of 2.93 years and to break options of 2.33 years.
- Producing a gross income of £237,868 p.a. or after deductions for ground rent and void costs including empty rates charges, service charge and insurance shortfall, £111,309 p.a. Fully let estimated rental value £289,830 p.a.
- Long leasehold for 127 years from the 14 March 1980 at a passing rent of £20,800 p.a. subject to review.
- Opportunity to enhance value through restructuring leases and letting vacant space.
- Value underpinned by conversion of upper floors to student or private residential accommodation, subject to obtaining necessary consents.
- Offers sought of £2.1m (Two million, one hundred thousand pounds) reflecting a gross yield of 10.8% or triple net initial yield of 5.04%. The reversionary yield on letting the vacant offices is approximately 13%.