Cleveland Business Centre 1 Oak Street, Middlesbrough Ts1 2Rq
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CLEVELAND BUSINESS CENTRE 1 OAK STREET, MIDDLESBROUGH TS1 2RQ FOR SALE HIGH YIELDING, ESTABLISHED SERVICED OFFICE CENTRE IN A CORE REGIONAL LOCATION Investment Considerations n High yielding serviced office investment located in the heart of n Excellent occupier market dynamics with significant growth projected Middlesbrough town centre, directly adjacent to the Law Courts. for the sector. n A modern three storey office building providing fully refurbished n Situated in an area benefiting from high profile regeneration initiatives accommodation and extending to 2,943 sq m (31,682 sq ft). including both commercial and leisure developments. n Multi-let on 28 leases and license agreements with a total rental income n Seeking offers over £2.95M (Two Million, Nine Hundred and Fifty of £456,704* per annum including car parking and a triple net income Thousand pounds) which equates to a ‘triple net’ initial yield of 10.68% after all outgoings of £335,383 per annum. after costs of 6.44%. CLEVELAND BUSINESS CENTRE TS1 2RQ Location Middlesbrough is a sub-regional centre and the time to London Kings Cross of approximately 2.5 hours. Middlesbrough who together contribute over £10Bn A1046 principal industrial and service town within the Teesside The town benefits from good air links with the Teesside to the national economy each year. conurbation, situated approximately 10 miles east of Airport situated approximately 10 miles to the south Major employers in Middlesbrough include Charles Darlington, 60 miles east of Leeds and 40 miles south of west of the centre, providing both domestic and Newcastle. The town has a resident population of 174,700 international flights. Cliquard who recently investedP £3MO into a purpose built R T 40,000 sq ft town centre HQ, as wellC as AV Dawson who (Census 2011) and a population in excess of 626,000 L The Teesside economy is based predominantly on have invested £10M into a state-of-the-artAR rail terminal DURHAM ST within a 20 mile radius of the town centre (Focus). E NC manufacturing, chemical production and shipping with that provides a direct link onto the East CoastE Mainline. R D Middlesbrough has good road and rail communications, Teesport providing major employment opportunities Other major employers include University Teesside, St with the A66 dual carriageway linking to the region’s for the town. More recently, the town has developedD a Lukes Hospital, the Port Harbour & Dock Authorities, R principal north/south arterial routes, the A19 and the niche in the digital/creative marketing and technology Middlesbrough DCT, PASF plc, Gazette Media Co Ltd L L A1 (M). Middlesbrough has direct rail links to Darlington, based sectors. There are over 13,550 smallI to medium and Petroplus. H situated on the east coast mainline, which has a journey enterprises and over 80 large companiesN based in O T R E V A H ASHINGTON MORPETH A1046 NORTH RD A1(M) A178 A696 Newcastle Middlesbrough Airport A19 A66 Cinema A68 Nando’s A19 TYNEMOUTH River Tees HARTINGTON RD Fitness Gym A66 Jurys Inn Scotland Port of Tyne T Hillstreet E CORP. R A69 SOUTH E Centre D NEWCASTLE S SHIELDS B HEXHAM UPON TYNE R Glasgow ID G Town E A68 A19 SUNDERLAND Hall Edinburgh GATESHEAD 65 AP ELM ST McDonalds PR ALBERT RD American Golf OA A1(M) CH Subway 63 RD Pizza Hut NEWPORT RD BRIGHT ST Newcastle A19 Sunderland CHESTER-LE-STREET SEAHAM B6541 A690 North A1032 BOROUGH RD Carlisle Middlesbrough DURHAM 62 CLEVELAND HEYWOOD ST A167 A181 A19 BUSINESS CENTRE A172 A689 LINTHORPE RD Leeds A690 61 HARTLEPOOL Teesside Manchester 60 University Liverpool A688 A689 Teesport B6541 Nottingham A68 A66 Birmingham 59 STOCKTON A688 MIDDLESBROUGH 58 England DARLINGTON MIDDLESBROUGH Wales A66 A66 A171 A1032 Albert Park MARTON RD STOCKTON RD Cardiff 57 London A66 Bristol 56 Durham Tees West Lane Valley Airport Hospital Middlesbrough Institute SCOTCH CORNER A19 A19 of Modern Art A1(M) South A684 CLEVELAND BUSINESS CENTRE TS1 2RQ A19 Situation The subject property is centrally located on Oak Street, accessed via Corporation Road and adjacent to the Law Courts. Middlesbrough Town Hall, Middlesbrough Borough Council and Middlesbrough Institute of Modern Art are all located within 400 yards of the property. Pedestrian and vehicle access is excellent, with the property benefitting from close proximity to the A66, the region’s major trunk route, as well as direct passage to the main retail core via a pedestrianised thoroughfare to the west. The immediate proximity to Cleveland Business Centre is characterised by modern retail and leisure uses, with Middlesbrough Leisure park located circa 50m to the east and providing a Cineworld cinema, alongside Nando’s, McDonalds and Pizza Hut outlets among others. To the west, public use buildings including the Middlesbrough Institute of Modern Art, the Town Hall and Council offices are located around landscaped gardens leading to the Cleveland Shopping Centre, Middlesbrough’s main flexible and innovative learning space and shopping mall. all-year-round outdoor space for use by the students, staff and local community. Other The Teesside University campus is located exciting developments include the £6M approximately 0.5 miles south of the subject refurbishment to the science and engineering property and extends to over 30 buildings, facilities, a soon-to-be completed £2.5M accommodating 24,000 students and 2,400 extension to the health and fitness facilities, facility members. The campus has benefitted as well as a £1.1M refurbishment of the multi- from a £250M investment in recent years, award winning Students Union. The University with developments including a £20M flagship contributes a total of £124M GVA to teaching building providing 16,000 sq ft of the economy. Middlesbrough Institute of Modern Art Albert Park Cleveland Centre Shopping Teesside University CLEVELAND BUSINESS CENTRE TS1 2RQ Situation: Surrounding Area A66 Linthorpe Road (Prime Retail Pitch) Gurney Street Triangle Middlesbrough Leisure Park Town Hall and Council Chamber Teesside Combined Court The Cleveland Centre Holiday Inn Middlesbrough Institute of Modern Art New 200,000 sq ft Grade A Pavilion Office Development Proposed 566 bed student Baker Street & Bedford Street accommodation development Character Area Teesside University Campus CLEVELAND BUSINESS CENTRE TS1 2RQ Regeneration Middlesbrough has benefitted from a large comes amid the on-going regeneration of amount of regeneration initiatives in recent Middlehaven including a £30M snow centre years. Projects include an £8M refurbishment development. The Snow Centre, which will of the Town Hall which is currently underway cover a site of 7 acres, will be a major tourist and will see previously inaccessible parts of attraction for Middlesbrough and will include the building being opened up and made into a main ski slope, nursery slope as well as heritage attractions in their own right. The associated retail and leisure uses. Among the project will maximise the potential of additional leisure uses are facilities for Middlesbrough Town Hall as both a venue and sledging, tubing, ice wall climbing, an ice bar, an arts centre and reinforce the Town Hall’s a trampoline park, indoor skydive centre and status as a cultural venue of regional climbing walls. significance. Approximately 300 yards north-west of the The £0.5M independent retail and leisure subject property planning permission has development at Baker Street and Bedford been secured for an 80-room Premier In at Street include public realms works, street Wilson Street. The hotel forms part of the landscaping and new shop frontages and has wider £30M ‘Gurney Street Triangle’ led to the influx of high quality independent development which features proposals for retailers with the street now benefitting from a luxury hotel, casino, restaurants and near full-occupation. Phase 3 of the multi-storey car park. regeneration works in this area has seen the creation of a monthly artisan street food Significantly, 4.4 acres of Central Square, a market featuring 25 independent food park approximately 200 yards south of the vendors as well as arts, culture and Cleveland Business Centre, is earmarked for entertainment. The market is a one of its redevelopment to provide 200,000 sq ft kind in the region, attracting locals and state-of-the-art office accommodation to rival Gurney Street Triangle visitors alike. neighbouring commercial hubs Newcastle and Leeds with the goal of attracting more white- A multi-million pound Holiday Inn has recently collar investors to the town. The proposed been developed on Albert Road, located a developer is Ashall Projects who have short walk from the subject property. The developed the likes of Cobalt Business Park in 138-room hotel opened in August 2015 and is North Tyneside and the project aims to create 80% aimed at business clientele. The upwards of 1,500 jobs. Businesses have development has created job opportunities for already expressed interest in the project and it the local community, provided a boost to the is expected the ground floor will be allocated local economy and supported the needs of to retail and leisure use. This development will local businesses as well as the university. place Cleveland Business Centre at the heart of Middlesbrough’s prime business hub. Further developments in Middlesbrough include a £9M ‘lifting’ road bridge planned for Middlehaven Dock. The bridge will provide access to north of the Riverside Stadium, home to Middlesbrough F.C, and the project Middlesbrough Snow Centre CLEVELAND BUSINESS CENTRE TS1 2RQ Description The Cleveland Business Centre has providing excellent natural light and recently undergone a £1M refurbishment fit out to a high standard with high program and comprises a substantial quality fixtures and fittings. The office three storey office building of steel frame suites provide modern, open plan construction with traditional red brick accommodation with a passenger lift infill and decorative aluminium cladding, serving all floors, stairs to both ends surmounted by a pitched roof with tile of the building as well as at the main covering.