Office for sale in Willow Court, Gateshead NE11

Location

Team Valley Trading Estate covers in excess of 285 hectares and accommodates over 650,000 sq m of business space. It is the north easts leading commercial estate and lies to the south of Newcastle and Gateshead conurbation and adjacent to the A1.

Willow Court is prominently located on Team Valley Trading Estate between Kingsway South and Marquis Way. Junction 67 of the A1 lies approximately 100 meters to the south of Willow Court. The property is also well located on the estate with nearby Retail World which comprises retailers such as tk Maxx, Gap, New Look, Homebase, Decathlon, B&M, Asda among others.

Description

The property provides two storey modern, open plan office accommodation. There is an independent gas fired heating system, WCs and kitchen facilities. Car parking is available within the central courtyard.

Accommodation

The property briefly comprises:

Ground Floor 49.24 sq m 530 sq ft

First Floor 62.11 sq m 668 sq ft

Total 111.35 sq m 1,198 sq ft

Tenure

The property is held by way of a long ground lease dated 10 December 2021 until 21 February 2115 at a peppercorn rent. The occupational lease is to Chemistry Marketing (North East) Ltd on a 5 year Fri lease (3 year break) from 20 October 2021. The passing rent is £12,070 per annum.

Proposal

Offers are sort with an asking price of £135,000, reflecting a net initial yield of 8.78%.

Rating assessment

The rating assessment currently appearing on the 2023 Valuation List is as follows: -

Rateable Value: £10,000

EPC

The property has an EPC rating of E101.

Legal costs

Each party to bear their own legal costs incurred in the transaction.

VAT

All rents, premiums and purchase prices quoted are exclusive of VAT. All offers made to George F White llp on this basis and where silent, offers will be deemed net of VAT.

Anti-money laundering regulations

In accordance with anti-money laundering regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.