Land at Middle Engine Lane, Cobalt Park, Wallsend

LOCATION 

The site is prominently situated in the Cobalt Business Park, adjacent to Middle Engine Lane.

The Cobalt Business Park is a modern development, across approximately 140 acres and was initially developed as an enterprise zone. Occupiers include Newcastle Building Society, North Tyneside Council, the Sage Group and the Village Hotel.

In addition to commercial offices there is the Silverlink retail park, where occupiers include M&S, Next Home, H&M, Boots, Nando’s and Odeon Cinema, amongst others. The subject site is near to the CBX business centre and multiple car dealerships, including Jaguar Land Rover, Porsche, Aston Martin and Bentley Newcastle.

The site is accessed from an estate road between the Lexus Newcastle Car dealership and the Aston Martin car dealerships, linking with Cobalt Park Way.

This is a well-located site, in an area with a vibrant commercial and leisure presence, lots of housing and good connections to major road networks and public transport.

DESCRIPTION 

The site comprises an irregular shaped area of land which was previously a used as a car park. It has a tarmacadam surface covering and is secured by a metal fence to the perimeter.

There is an area of planted trees and public path to the boundary of the site with Middle Engine Lane.

The site would be suited for a variety of uses.

PLANNING INFORMATION 

The site was granted outline planning permission with all matters reserved for the siting of shipping containers to create a two storey mixed use development comprising of retail, restaurant/cafe, bars, office accommodation and event space including pop up market space, erection of stairs and lift, provision of external decking/walkways and refuse storage.

Further information can be found at North Tyneside’s planning portal using reference 19/00706/OUT.

The site may be suitable for a variety of uses, subject to obtaining necessary planning permission.

TERMS 

The site is available for sale with a guide price of £1,100,000 (One Million One Hundred Thousand Pounds). The site is held long leasehold for a term of 125 years (less 3 days) from 29^th March 1996.

The site is also available to let by way of a new lease with terms to be agreed at £65,000 (Sixty Five Thousand Pounds) per annum.

VAT

All rents, premiums and purchase prices quoted herein are exclusive of VAT. All offers are to be made to Bradley Hall on 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.

VIEWING & FURTHER INFORMATION

For all enquiries and viewing arrangements please contact Bradley Hall.

Tel: 0191 232 8080

Email: richard.rafique@bradleyhall.co.uk