RARE PORTFOLIO OF THREE NEW BUILD MULTI LET INDUSTRIAL ESTATES ACROSS NEWCASTLE, MIDDLESBROUGH AND STOCKTON-ON-TEES. EACH ASSET IS STRATEGICALLY SITUATED WITHIN ESTABLISHED COMMERCIAL HUBS WITH EXCELLENT TRANSPORT LINKS, ROBUST LOCAL ECONOMIES, AND STRONG DEMAND FOR INDUSTRIAL AND TRADE UNITS.
( Agency Pilot Software ref: 1544 )
Location
Mandale Park NE15 is located in Lemington in Newcastle upon Tyne. Newcastle upon Tyne is the principal city in the North East and 7th largest in the UK. The city is served by the A1 which runs west of the city northwards towards Scotland and south towards Leeds. The A19 runs north around the city linking to the A1 and southwards along the coast to Sunderland and onto Middlesbrough and Yorkshire. The city is served by the East Coast mainline providing a fastest journey time to London Kings Cross of 2 hours 40 minutes and Waverley, Edinburgh of 1 hour 30 minutes. Newcastle has a population of approximately 300,000 and a wider catchment population of nearer 1 million who are within a 30 minute drive time. There is also a student population of over 100,000 across five Universities, 80% of the North East graduates remain and work in the region.
Newcastle International Airport is 7 miles north of the asset and serves over 5.3 million passengers each year. The estate is situated circa 5 miles west of Newcastle city centre and is connected to excellent communications across the region and to the national motorway infrastructure with direct access to the A6085 / A695 Scotswood Road and in turn the A1(M) and A66. The immediate area is a well-established and geographically strong commercial and industrial location popular for last-mile logistics, trade counter, general industrial and manufacturing, trade counter uses.
Accommodation
26 units providing 57,871 sq ft on a 4.23 acre site reflecting a low site cover of only 31.40%
11no. industrial hybrid units 1,550 sq ft
14no. warehouse units from 871 sq ft – 4,280 sq ft
Terms
PROPOSAL We are instructed to seek offers of £21,000,000 (Twenty One Million Pounds) Subject to Contract and Exclusive of VAT. This reflects a Net Initial Yield of 6.00% after allowing for purchaser’s costs of 6.75%
The service charge is running at £1,000pa for each hybrid unit with the addition of £350pa per unit for insurance. The traditional industrial units service charge is £0.60psf per annum and an additional £0.25psf per annum for insurance. The Cone is let on Fully Repairing & Insuring terms, and in addition there is further coverage where excess works may be required, the costs can be recovered via the service charge. 5.0% 4.0% 6.2% 6.0% 6.0% 6.0% 6.00% 6.00% 6.00% 6.24% 6.67% 7.04% 7.09% 6.7% 7.0% 7.1% Initial THE NORTH PORTFOLIO
Specification
- Solid concrete slab
- EPC A & B ratings
- 24 hour CCTV
- EV Charging Points
- 3 Phase electricity supply
- Considerable parking provision
- Bike Stores