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High Yielding Modern Industrial Investment Located on a Popular Estate and Let on Full Repairing Leases with Rent

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High Yielding Modern Industrial Investment Located on a Popular Estate and Let on Full Repairing Leases with Rent FOR SALE - HIGH YIELDING MODERN INDUSTRIAL INVESTMENT LOCATED ON A POPULAR ESTATE AND LET ON FULL REPAIRING LEASES WITH RENT REVIEWS TO THE GREATER OF RPI OR MARKET Units 7&8 Derwenthaugh Marina, Blaydon, Gateshead, Tyne & Wear, NE21 5LL PRICE - £310,000 | RENTAL INCOME - £29,800 P.A. | YIELD:9.08% After payment of ground rent Presented by: Nigel Dale FRICS. All enquiries : 07391 430060 | Email: [email protected] LOCATION The estate occupies a convenient and strategic location within a few minutes of the A1M which is the main spine arterial route north/south linking to Edinburgh and to the national road network, making all commercial centres within easy reach. • Newcastle upon Tyne – 2 miles • Durham – 15 miles • Sunderland – 13 miles • Newcastle International Airport – 9 miles • Gateshead Metro Centre retail park and Team Valley Industrial Estate are virtually adjacent with large residential areas nearby. Derwenthaugh Marina is a recognised industrial location on the south bank of the River Tyne, on the Riverside Walk/jogging route. It is also confirmed that there is no flood risk and the River Tyne is tidal at that point. Gateshead is part of the Metropolitan Area of Tyneside with a population approaching 850,000. DESCRIPTION The estate comprises a single terrace of 8 units let to local tenants on full repairing and insuring leases, set at the rear of soft landscaped and car parking area. There is a pro-active estate management policy from a modest service charge paid by the tenants. Units 7 and 8 form the end units and comprise: Unit 7 – 1,326 sq ft (123 sq m) Unit 8 – 2,925 sq ft (272 sq m) TENURE UNITS 7&8 DERWENTHAUGH Each unit is available on a 125 year ground lease from MARINA 21.03.2019 (less three days), which is reviewed in each 5th year of the term to land values not geared to rack rents. Unit 7 has a current ground rent of £583.44 p.a and unit 8 has a current ground rent of £1,287.00 p.a. TENANCIES Unit 7 is let on a full tenant repairing lease for a term of 10 years from 5th June 2020 and the tenant is Michael Quinn, 138 Aldwick Road Newcastle upon Tyne NE15 6UJ. The commencing rent is £9,260 plus VAT per annum, which is reviewed every three years to an amount which is the higher between market rent and the rent payable immediately prior to the relevant rent review date, increased by the same percentage as the Retail Price Index. The lease is subject to a tenant only break clause in the 5th year of the term subject to 12 months prior notice. In the unlikely event that the tenant wished to vacate, then the landlord would have more than ample time to re-let the unit. Unit 8 is let on a full tenant repairing lease for a term of 10 years from 5th June 2020, and the tenant is Quinn UK Holdings Limited (CRN 12156311) whose registered office is situated at unit 6 Derwenthaugh Marina Blaydon. The commencing rent is £20,540 plus VAT per annum, which is reviewed every three years to an amount which is the higher between market rent and the rent payable immediately prior to the relevant rent review date, increased by the same percentage as the Retail Price Index. The lease is subject to a tenant only break clause in the 5th of the term subject to 12 months prior notice. In the unlikely event that the tenant wished to vacate, then the landlord would have more than ample time to re-let the unit. Derwenthaugh VAT Marina, Blaydon, Gateshead, Tyne & VAT is applicable in this sale which Wear, NE21 5LL will be treated as a TOGC PRICE £310,000 leasehold OTHER INFORMATION For further details on this property or to request a sales brochure on any other investment opportunities that we have available please contact Nigel Dale FRICS by email on [email protected] or by telephone on 07391 430060 These particulars whilst believed to be accurate are set out as a general outline only for guidance and do not constitute any part of an offer or contract. Intending purchasers should not rely on them as statements of representation of fact, but must satisfy themselves by inspection or otherwise as to their accuracy. No person in this firms employment has the authority to make or give any representation or warranty in respect of the property..
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