Property Information
Address:
Collingwood Buildings, 40 Collingwood Street, Newcastle Upon Tyne, North East
, NE1 1JF
, North East
, United Kingdom
Price: Property no longer available.
Size: 42102 sq ft3911 sqm
Primary Category: Investment
All Categories:
Investment, Office,
Property Ref/Movehut: MH668403
Property Ref/Agent: 111160
*Please use the agent ref when calling the agent directly.
Property description
WELL LOCATED AND ESTABLISHED NEWCASTLE CITY CENTRE SERVICES OFFICE INVESTMENT OPPORTUNITY
Very well-located and established multi-let serviced offices.
Substantial Grade II Listed trophy building in Newcastle City Centre.
Flexible accommodation creating an excellent co-working environment.
Excellent transport links with Newcastle Central Railway and Metro Station less than 200m away.
GIA of 42,102 sq ft and a Net Lettable Area of 33,231 sq ft.
Freehold.
65% occupied with a current Gross Income of £826,631 per annum and a Net Operating Income of £307,507 per annum.
Clear immediate asset management opportunities to significantly increase the net operating income and re-brand.
Reflecting a Net Initial Yield of 5.24% on the current net income after purchaser costs.
Reversionary potential yield following refurbishment of 13.53%.
Gross Income of £826,631 per annum.
Net Operating Income of £307,507 per annum.
65% occupied.
Net Initial Yield of 5.24%.
GIA of 42,102 sq ft and a Net Lettable Area of 33,231 sq ft
Freehold
65% occupied with a current Gross Income of £826,631 per annum and a Net Operating Income of £307,507 per annum
Clear immediate asset management opportunities to significantly increase the net operating income and re-brand
We are instructed to seek offers of £5,500,000 (Five Million and Five Hundred Thousand Pounds) exclusive of VAT for our client's Freehold interest. A purchase at this level reflects a Net Initial Yield of 5.24% on the current net income after purchaser costs. Reversionary potential yield following refurbishment of 13.53%.
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