Property Information
Address:
Hadrian House Higham Place, Newcastle Upon Tyne , NE1 8AF
, NE1 8AF
Price: Property no longer available.
Size: 61231 sq ft5688 sqm
Primary Category: Office
All Categories:
Office,
Property Ref/Movehut: MH608127
Property Ref/Agent: 12452
*Please use the agent ref when calling the agent directly.
Property description
Investment Opportunity for Sale
Hadrian House
Higham Place,
Newcastle upon Tyne , NE1 8AF
Ref
12452
Category
Invest
Type
Office
Status
Under Offer
Price/Rent
£ 6,720,000
Size
61,231 - 61,231 sq ft
(5,689 - 5,689 sq m)
Prominent eight storey city centre office building occupying a highly visible position immediately opposite Northumbria University campus and 200 yards north of Newcastle’s prime retail and leisure core.
300 yards north of East Pilgrim Street redevelopment scheme where demolition is underway and redevelopment is expected in the short to medium term.
Immediately opposite a new 323 bed student block completed by Kier Group in October 2017 and adjacent to a Council owned car park, identified as a development site.
The property comprises 5,688 sq m (61,231 sq ft) of office accommodation with 41 car parking spaces. The building is adjacent to a public car park.
Gross passing rent before outgoings £583,507 with a fully let ERV of approximately £855,000 based on £13.50 per sq ft on the offices, £10.00 per sq ft on the first floor, £1,000 per car parking space and rooftop income.
Two year rates and service charge guarantee to be provided on vacant space.
WAULT to expiry 3.04 years and to break 2.7 years.
Total of 16 tenants including Zurich Insurance, Alliance Management GB Gas Holdings Ltd, Gordon Brown Solicitors, EE Ltd and Vodafone.
Favourable medium to long term redevelopment potential for a variety of alternative users.
Long leasehold interest for 150 years from 13 February 1987 at a peppercorn rent without review. There are 119 years unexpired. The lease contains a qualified user clause.
Offers invited of £6,720,000 excl VAT (Six Million Seven Hundred and Twenty Thousand Pounds) reflecting a net initial yield of 8.14% or £110 per sq ft capital value with the benefit of rates and service charge guarantees. Fully let reversionary yield of approximately 11.95%.
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