The subject property is located on Kingsway North in Team Valley Trading Estate, Gateshead. Team Valley Trading Estate is the north east’s premier business centre and home to over 700 businesses with nearby occupiers including Retail World, Halfords, The property is prominently located on Tenth Avenue which links directly with Kingsway North, the main road through the trading estate, linking with the A1(M) to the north and south as well as Gateshead town centre and A184 to the north.
The subject property comprises a detached two-storey building which is accessed by a dedicated entrance. Internally, the property provides a mixture of open plan and cellular office space over ground and first floors with storage and staff room facilities. The internal specification includes, air conditioning, suspended ceiling with recessed LED lighting, glazed partitioned meeting rooms and private offices, male, female and disabled WC’s, shower facilities, perimeter trunking and three separate kitchen areas.
Externally, the property benefits from dedicated car parking facilities.
The building may be suitable for a variety of uses within Use Class E and may have the potential to be split into smaller self contained units by incorporating the currently decommissioned entrance to the rear.
Ground Floor 490m² 5,274ft²
First Floor 446m² 4,802ft²
Total 936m² 10,076ft²
Description rv Estimated Rates Payable
Office and Premises £63,500 £31,686.50
We are advised that the rateable value of the premises as at 1 April 2017 is £63,500.00 and we have estimated the actual rates payable for the current year above. This is based on the standard Small Business Rate of 49.9p in the pound. However, interested parties should confirm the current position with the Local Authority.
Offers are invited in the region of £925,000 (Nine Hundred and Twenty-Five Thousand Pounds) for the benefit of the long leasehold interest. The long leasehold is held for a term of 125 years, commencing on 13 November 1990 at a peppercorn rent.
Each floor is available to let by way of a new lease with terms to be agreed a rent from £52,800 (Fifty Two Thousand Eight Hundred Pounds) per annum for the first floor and £58,000 (Fifty Eight Thousand Pounds) per annum for the ground floor, both equating to £11 per ft².
All rents, premiums and purchase prices quoted herein are exclusive of VAT. All offers are to be made to Bradley Hall upon this basis, and where silent, offers will be deemed net of VAT.
Each party is to bear their own legal costs involved in the transaction.
In accordance with the Anti-Money Laundering Regulations the Purchaser/Tenant will be required to provide two forms of identification and proof of the source of income.