Office to let in Kingsway North, Gateshead NE11

Location

The subject property is prominently located on the corner of Kingsway North and Fifth Avenue within Team Valley Trading Estate. Kingsway is the main estate road through Team Valley Trading Estate. Kingsway provides direct access to the A1(M) to the south and the B1426, towards Gateshead, and the B629, towards Consett, to the north.

This is one of the north east’s most principal commercial estates, with strategic location, home to over 700 businesses.

There are excellent amenities within the estate including, a Sainsbury’s and the Retail World, where occupiers include M&S, Boots, tk Maxx, McDonalds and many more.

There is further retail, a gym and the Premier Inn hotel at Maingate.

Description

The subject property comprises a detached office premises which is arranged over ground and first floors. The offices are of a modern specification with a ground floor reception, WC and kitchen facilities on each floor. The offices have suspended tiled ceilings, strip fluorescent lighting, perimeter trunking, double glazed windows and carpet tiled flooring.

Externally, the property benefits from extensive car parking facilities.

Accommodation

We calculate the approximate net internal floor areas to be as follows:

Ground floor 280.0m² 3,013ft²
First floor 316.2m² 3,404ft²
Total 626.2m² 6,417ft²

Rating assessment

The combined rateable value of the premises as at 1 April 2023 is £54,500 and the estimated rates payable for the current year is £27,195.50. This is based on the uniform business rates multiplier of 49.9p in the pound, however, interested parties should confirm the current position with the Local Authority.

EPC rating

Awaiting EPC Rating

Terms

The property is available by way of a lease assignment, with an existing lease in place until December 2024 at £65,000 (Sixty-Five Thousand Pounds) per annum.
The Landlord may however be agreeable to a new lease, subject to contract and covenant.

VAT

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.

Legal costs

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

Anti-money laundering regulations

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.