Cloth Works Business Centre, Heaton

Investment For Sale

7,000 ft²

Offers in excess of £400,000

Key Features

Features
Multi let Business Centre
Gross rent approximately £63,144 per annum
Total size of 650.32m² (7,000ft²)
Divided into 21 Units
Prominent location
Transport
0.2 miles from A1058 (Coast Road)
0.7 miles from Walkergate Metro Station
2.1 miles from A167 (M)
3.2 miles from A19

Property Description

SITUATION

The premises are located on Industry Road in Heaton, approximately 3 miles from Newcastle city centre. The area benefits from excellent transport links, with the premises being based just off the coast road allowing direct access to both Newcastle city centre and the coast. Neighboring occupiers include Crossling, Lookers Van Centre and Baird Welding and Engineering

There is also a metro station only 0.7 miles away, as well as a bus stop with regular buses located on the coast road.

DESCRIPTION

The property comprises of 21 units totaling approximately 650.32m² (7,000ft²). Floor plans available upon request.

The total gross rent amounts to £63,144 per annum. Due to landlord costs and VAT the total net rent amounts to £48,529.

A copy of the full tenancy schedule and landlords expenditure available upon request.

ACCOMMODATION

Total  
650.32m²  
(7,000ft²)

               

TERMS

The property is available by way of freehold with offers in excess of £400,000 (Four Hundred Thousand Pounds). A sale at this figure would equate to a net initial yield of 11.65%, assuming purchasers costs at 4.18%.

RATING ASSESSMENT

All units are rated separately. The current tenants benefit from 100% relief from rates. The standard Small Business Rate threshold is currently 48.0p in the pound. All interested parties should confirm the current position with the Local Authority. Each tenant is responsible to pay rates for each separately assessed unit.

LEGAL COSTS

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

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.

VIEWING

For general enquiries and viewing arrangements please contact sole agents Bradley Hall Chartered Surveyors.


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