Property Information
Address:
Q4 Quorum Business Park Longbenton, Newcastle Upon Tyne Tyne And Wear, NE12 8EZ
, NE12 8EZ
Price: Property no longer available.
Size: 96305 sq ft8946 sqm
Primary Category: Office
All Categories:
Office,
Property Ref/Movehut: MH608139
Property Ref/Agent: 12185
*Please use the agent ref when calling the agent directly.
Property description
Modern, High Quality Office Investment For Sale
Q4 Quorum Business Park
Longbenton,
Newcastle upon Tyne Tyne and Wear, NE12 8EZ
Ref
12185
Category
Invest
Type
Office
Status
Under Offer
Price/Rent
£ 5,950,000
Size
96,305 - 96,305 sq ft
(8,947 - 8,947 sq m)
High quality 2004 build office accommodation providing 8,946.73 sq m (96,305 sq ft) over four floors with an excellent on site car parking ratio of 1:250 sq ft. BREEAM 'Very good' rating
Strong transport connections to the A188 Benton Road, which connects directly to the wider regional network, with the estate served by up to 50 buses per hour.
50% let to the good covenant of Sitel UK, an expanding outsourcing company.
Passing rent is £425,868 per annum. This equates to a low passing rent of £8.95 per sq ft with the latest letting on the estate agreed at £16 per sq ft in Q1 2018 to TSG within Building Q11.
The property generates an additional £65,520 per annum in parking charges which is reflected in the below net initial running yield but not in the fully let reversionary yield.
2 year full rates and service charge guarantee offered on vacant space.
Professionally arranged rates mitigation scheme in place.
Offers sought of £5,950,000 (Five Million, Nine Hundred and Fifty Thousand Pounds) reflecting a net initial yield of 7.75% and a fully let reversionary yield of 13.77% (off £8.95 per sq ft) after purchasers’ costs of 6.62% and a low capital value of £62 per sq ft.
If buyer keeps existing rates mitigation scheme in place, the net initial yield will be 9.8%.
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