Autotrader House High Street, Gateshead - POTential prime development/Investment For Sale - Realla
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POTential prime development/Investment For Sale Autotrader House High Street, Gateshead
Autotrader House
High Street, Gateshead, NE8 2AP
• High profile location on the roadside of the A167 to the southern end of the Tyne Bridge
• Detached office building of 6,570 ft2 on a site of 0.146 acres
• Potential future development site suitable for a number of uses, subject to planning
• Freehold
• Curently-let to GEC Solutions Limited at a passing rent of £33,100 per annum with 1.25 years to the break and 3.25 years to expiry
We have been instructed to seek offers in the region Description Development Potential
of £500,000 (Five Hundred Thousand Pounds) for
Autotrader House is a detached two storey office building providing
our client’s freehold interest, subject to contract and We envisage that the site has major future development potential
a mixture of cellular and open plan office accommodation.
exclusive of VAT. due to its prominent location and could be suitable for office,
The principal entrance is from the front elevation with a further residential or mixed use, subject to planning.
Based on the current income this provides a net initial
entrance to the rear providing a separate access to the first floor.
yield of 6.32% after allowing for purchaser’s costs of
Tenure
4.70% costs for the remainder of the lease terms. The accommodation benefits from suspended ceilings to parts,
perimeter electrical and telephone trunking, air conditioning (in Freehold
Location part) and is heated by way of gas central heating. There is a fully
fitted kitchen and WC facilities.
Autotrader House is located on a highly prominent site to the
southern end of the Tyne Bridge and on the eastern side of the The property has a small car parking area to the rear and there is a
A167, providing excellent access to the centres of both Newcastle further car park used by the tenant but not within the ownership of
and Gateshead, as well as access to the A1 via the A184. the landlord.
The nearby Gateshead Quays area has been subject to major
Accommodation
investment and redevelopment and has now become a thriving
business and cultural location of national significance with The property has been measured in accordance with the RICS
developments including the Sage Gateshead, the Baltic Centre for Code of Measuring Practice (6th Edition) and has the following Net
Contemporary Art and the new Gateshead College campus. Internal Area (NIA):
Gateshead Town Centre has undergone a substantial Floor M² Ft²
redevelopment which completed in early 2014 and now provides Basement 101.55 1,093
240,000 ft2 of new retail and leisure space, a new Tesco Extra Ground 245.69 2,644
Store, 7 screen Vue cinema complex and numerous bars and First 263.18 2,833
restaurants, all within a 2 minute walk of Autotrader House.
Total 610.42 6,570
EPC Tenancy
The property has an Energy Performance Certificate rating of D
Lease Lease Expiry Rent
(90). A copy of the EPC and Recommendation Report can be Tenant Floor Comments
Commencement (Break) (per annum)
provided on request.
Pay 50% of the car park lease - £2,500 per
VAT
GEC annum.
The property has been elected for VAT and therefore VAT will be Ground and 04/01/2020
Solutions 05/01/2015 £16,000 The lease is excluded from the security of
payable on the purchase price. It is envisaged the sale will be dealt Basement (04/01/2018)
Limited tenure provisions within the Landlord and
with by way of a TOGC.
Tenant Act 1954.
Proposal Pay 50% of the car park lease - £2,500 per
We have been instructed to seek offers in the region annum.
GEC
of £500,000 (Five Hundred Thousand Pounds) for 04/01/2020 Lease is subject to a schedule of condition
Solutions First 01/01/2016 £17,100
our client’s freehold interest, subject to contract and (04/01/2018) and is excluded from the security of tenure
Limited
exclusive of VAT. provisions within the Landlord and Tenant Act
Based on the current income this provides a net initial 1954.
yield of 6.32% after allowing for purchaser’s costs of £33,100
4.70% costs for the remainder of the lease terms.
The car park to the rear of the property is owned by Gateshead Council. There is an annual tenancy in place between the council and the
Contact Information
landlord which is covered by the tenant at £5,000 per annum.
For further information or to arrange an inspection please contact:
Adam Greenwood MRICS
0191 594 5000
07776 858 536
adam.greenwood@knightfrank.com
Patrick Matheson MRICS
0191 594 5015
07796 192 356
patrick.matheson@knightfrank.com
Knight Frank LLP
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This Plan is published for the convenience of Purchasers only. Its accuracy is This Plan is published for the convenience of Purchasers only. Its accuracy is
not guaranteed and it is expressly excluded from any contract. NOT TO SCALE. not guaranteed and it is expressly excluded from any contract. NOT TO SCALE.
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Knight Frank LLP in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property,
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its condition or its value. Neither Knight Frank LLP nor any joint agent has any authority to make any representations about the
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6 property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s).
St Ann’s Quay, 124 Quayside,
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2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas,
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measurements and distances given are approximate only. 3. Regulations etc: Any reference to alterations to, or use of, any part of
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the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee
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