Office for sale in Cobalt 13A, Silver Fox Way, Cobalt Park, Newcastle Upon Tyne NE27

Key Points

Description

Cobalt 13a is a modern three storey office building providing 2,802.4 sq m (30,165 sq ft).

Multi-let to Det Norske Veritas, Neutron vr, Microvention and Reed in Partnership.

Excellent covenant strengths with all tenants presenting a minimum or lower than average risk of business failure.

Annual rent of £411,771 equating to a low rent of £16.35 psf.

Strong occupational velocity following the completion of the new letting and re-gear.

Added value through letting the vacant space to increase rental income.

WAULT on let space of 4.07 years to expiry and 2.43 years to break.

125 year long leasehold at a peppercorn rent.

Offers in the region of £2,375,000 reflecting a net initial yield of 16.3% and a capital value of £79 psf, assuming standard purchasers’ costs of 6.36%. The yield will rise to 19.56% on letting of vacant space based on an erv of £16.50 per sq ft.

Location

Cobalt Park is situated on the junction of the A19 and the A1058 Coast road approximately 10 minutes northeast of Newcastle City Centre.

Cobalt 13a is centrally situated on the north section of the park with Accenture and Wealth Tek who occupy the adjacent buildings.

Amenities on the Park include a Tesco convenience store, Greggs, Cobalt Coffee and Deli, Eat4less, and a Busy Bees day nursery. Silverlink Retail Park, adjacent to Cobalt Park, provides an excellent retail and leisure offering, including an Odeon cinema, M&S, Next, Currys, Frankie & Benny’s and Pizza Hut. A Village Hotel together with Spa and Gym is located at the northern entrance to Cobalt Park. A new 80 bed Travelodge hotel has also opened at the centre of the park.

Availability_Text

The accommodation comprises the following areas: