Office Investment for Sale

Office Investment For Sale

INVESTMENT SUMMARY DESCRIPTION The Central Exchange Building is possibly one of the most iconic landmarks in • Prime period offices the centre of Newcastle. Standing less than 30 meters from Greys Monument, it is deserving of its Grade II* status. Designed and built by the world famous • Total size of 102.64m² (1,105ft²) partnership of Architect John Dobson and wealthy businessman Richard Grainger in 1834 as "A place for the procurement of commerce and exchange". • Multi let It is steeped in the history of Newcastle.

• Refurbished to a high standard The offices recently underwent complete renovation with guidance from English Heritage and the offices retain an array of attractive period features • Passing rent of £41,280 per annum. including a feature stained glass window.

• We are instructed to seek a price of £375,000 equating to a net initial yield of 10.58% The property benefits from kitchen and WC facilities, lift access, door intercom

assuming purchasers costs at 4%. system and gas central heating.

LOCATION EPC The subject property is located on the western side of Grey Street, in the heart of Newcastle City F126

Centre. Grey Street is the historic and traditional office and leisure quarter of the city and is made

up of two substantial terraces of classic buildings. Grey Street forms part of Newcastle’s Grainger TERMS

The subject property is available by way of long leasehold with a guide price of Town, which has one of the highest concentrations of listed buildings outside of Bath. Grey Street has been described as “one of the finest streets in England”. offers over £375,000 (Three Hundred and Seventy Five Thousand Pounds). The lease has a total of 134 years unexpired. A full copy of the lease is available. Grey Street benefits from easily accessible travel routes including several bus stops, Monument Metro Station which is one of the major interchanges along the Tyne and wear metro service and VAT Central Station. 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.

275 ft from Monument Metro 7.3 miles from Newcastle Bus stops located 150 ft away Station 0.2 miles from A167(M) International Airport 0.3 miles from Central Train 0.2 miles from A186 Station

ACCOMMODATION AND TENANCY INFORMATION

Tenant Occupied area Rent (Per Lease Terms Size (ft²) annum) Irvine Ramsay Limited Office 1 £13,800 Lease commencement date of 1st April 294 2015. UK Path Office 2 £5,940 Lease commencement date of 1st July 151 2016. Bench MQ Office 3 £5,940 Lease commencement date of 1st 178 December 2015. Adenin Technologies Offices 4 & 5 £11,400 Lease commencement date of 1st July 299 AD 2016. Ramsay Investment Office 6 £4,200 Lease commencement date of 1st 183 Services January 2016. Total £41,280 1,105

All of the above licence agreements are for an initial period of 6 months with one months notice required. It is understood that tenants would commit to more formal lease agreements.

There is a service charge budget ran by the landlord which currently equates to £4032 plus VAT. Further details are available upon request.

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 Bradley Hall.

Tel: 0191 232 8080 Email: [email protected]

IMPORTANT NOTICE Bradley Hall for themselves and for the Vendors or Lessors of this property whose agents they are give notice that: 1) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees and do not constitute part of an offer or contract. 2) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and their details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 3) no person in the employment of Bradley Hall has any authority to make or give any representation or warranty whatever in relation to this property of these particulars nor enter into any contract relating to the property on behalf of Bradley Hall, nor any contract on behalf of the Vendor. 4) no responsibility can be accepted for any expenses incurred by intending purchasers or lessees in inspecting properties which have been sold, let or withdrawn. Registered in England No. 07236458 1 Hood Street, Newcastle upon Tyne, NE1 6JQ

1 Hood Street, Newcastle upon Tyne, NE1 6JQ | 0191 232 8080 | [email protected] www.bradleyhall.co.uk