Jam Jar Studios, 5 Mulgrave Terrace, Gateshead

Multi Let Office Investment For Sale

8,580 ft²

Freehold price of £890,000

Key Features

Features
Multi let office investment
Total size of 795m² (8,580ft²)
Fully occupied by 7 different tenants
Net rent of £89,488 per annum
Gross rent of £112,536 per annum.
Transport
Bus stops located mile away
0.1 miles from Gateshead Metro Station
0.2 miles from A184
0.7 miles from A167 (M)

Property Description

LOCATION

The subject property is located on Mulgrave Terrace in Gateshead. Mulgrave Terrace is situated within Gateshead town centre, 0.1 mile from Gateshead Metro Station and Bus Interchange.

The property benefits from being within close proximity to A184 which provides access to A1(M) to the west and Newcastle upon Tyne city centre to the east.

DESCRIPTION

The subject property comprises a detached building providing high quality, serviced office accommodation which is arranged over three floors. The accommodation has recently been refurbished and provides high quality office space, currently fully occupied to a mix of tenants.

The building is currently being used for a variety of uses including training, video production, TV commercials, office space and meeting rooms, as well as there being a café facility within the main entrance. The property offers further redevelopment opportunities with the potential conversion of the TV studio and communal areas into new office accommodation. 

https://www.youtube.com/watch?v=tWbkA_-meqs&feature=youtu.be

ACCOMMODATION AND TENANCY INFORMATION                                                  

Studio
Tenant

Ft²
Lease Commencement Date
Term
Lease Expiry
Rent PA
Rent Per Ft²
1
B-Skill Limited
110
1,187
01.12.18
3 years
01.12.21
£18,600
£15.67
2
Evermore Solutions Ltd
113
1,222
02.08.18
3 years
02.08.21
£19,800
£16.20
3
DigiPro Media
54
583
02.09.16
3 years
01.09.19
£10,200
£17.50
4
HREB Ltd
35
377
02.02.18
18 months
01.08.19
£7,800
£20.69
5
Superkrush
57
615
01.06.18
3 years
01.06.21
£9,840
£16.00
6
Superkrush
59
636
01.06.18
3 years
01.06.21
£10,176
£16.00
7
Red Square Newcastle Limited
52
569
02.05.16
3 years
01.05.19
£9,000
£15.82
8
The Beauty Academy
47
502
01.12.18
3 years
01.12.21
£7,800
£15.54
9 & Basement
The Beauty Academy
43
465
01.01.19
1 year
01.01.20
£4,200
£9.03
TV Studio
Daily Hire @ £450 per day
98
1,054
On Going
N/A
On Going
£15,120
£14.35
Communal/Cafe

127
1,370





Total
 
795
8,580
 
 
 
£112,536
 


EPC RATING

D96

TERMS

The accommodation is available by way of freehold with a price of £890,000 (Eight Hundred and Ninety Thousand Pounds), equating to a net initial yield of 9.52%, assuming purchasers costs at 5.62%.

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.

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

For general enquiries and viewing arrangements please contact Nicholas Bramwell at Bradley Hall.

Tel:         0191 232 8080

Email:     nicholas.bramwell@bradleyhall.co.uk  

Tel:         0191 232 8080

Email:     jamie.wales@bradleyhall.co.uk


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