FOR SALE

INVESTMENT HIGHLIGHTS• Detached three storey office

building overlooking the River Tyne on Newcastle Business Park.

• 39 on site car parking spaces.

• Fully let to three strong occupiers.

• Total rental income.£108,689 per annum.

• Total net internal floor area9,442 ft2  (877.5 m2).

• 999 year ground lease at nil rent.

• Offers in excess of £1.2m(Just £127 per ft2 capital value) showing a net initial yield of 8.6% after allowing for purchaser’s costs of 5.8%.

• Scope for rental uplift

Asama Court, Newcastle Business Park,Newcastle upon Tyne NE4 7YD

HIGH QUALITY MULTI LET OFFICE BUILDING

LOCATION

The property is situated prominently on Newcastle’s premier business park located just one mile to the west of the city centre.

Newcastle upon Tyne is the North East’s capital city with a population of approximately 300,000. The city is served by Newcastle International Airport just 10 miles north west of the property and Newcastle Central Station, which is on the Virgin Trains East Coast main line and benefits from 34 trains a day to London. Newcastle Business Park is directly linked to the A1 via the dualled A695 Scotwood Road. The property is also within walking distance of the city centre. Other occupiers on the estate include British Airways, the AA and the Environment Agency.

DESCRIPTION

The property comprises a detached three storey office building with brick elevations and a pitched roof, served by a lift and with exceptional views across the River Tyne. There are 39 onsite car parking spaces.

ACCOMMODATION

The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) to provide the following Net Internal Areas:

Occupier Floor Size m2 Size ft2 Parking Space

HRC Group Part GF 156.5 1,684 10

Paterson Tighe Morton LLP

Part GF 140.5 1,512 8

BAM Nuttall First Floor 292 3,14121BAM Nuttall Second

Floor288.5 3,105

Total 877.5 9,442 39

The offices are accessed from a newly refurbished reception lobby with stair and lift access to upper floors.

Offices are open plan in nature with suspended ceilings, recessed fluorescent strip lighting and raised floors.

SERVICES

All main services are connected to the property.

Tenant HRC Group (IFA) Limited Guaranteed by Colin Heseltine

Paterson Tighe Morton LLP (Guaranteed by 3 individuals)

BAM Nuttall

Floor Part Ground Floor Part Ground Floor First and Second Floor

Lease Start 12 October 2012 10 October 2014 25 December 2011

Lease Expiry 11 October 2017 9 October 2019 24 December 2026

Break Option 12 October 2015(Not exercised)

25 December 2016 subject to 9 month break penalty & 25 December 2021 –3 months notice required

Rent Reviews Dates

12 October 2015 1 October 2017 and 9 October 2019

1 October 2016 and 1 October 2021

Rent £16,476pa £14,000pa £78,212.50pa

Total Rent £108,689 per annum

TENURE

A 999 year ground leasehold from 29th March 1991, at nil rent, subject to occupational tenancies. All tenancies drawn on effectively full repairing and insuring leases by way of service charge.

TENANT INFORMATION

• Bam Nuttall Limited. • Principle activities include construction and

road and motorway construction. • www.bamnuttall.co.uk. • (CRN: 00305189).

Credit Safe Rating 71A – Very low risk. Accounts for 12/13 show a turnover of £756m.

• HR Consultancy (IFA) Limited t/a HRC Group.

• Principle activities include complete financial management.

• www.hrcgroup.net. • Credit Safe Rating 95A – Very low risk.

• Paterson Tighe Morton LLP with3 guarantors. (CRN: 0C380369)

• Principle activities are chartered quantity surveyors and construction consultancy.

• www.ptm-llp.co.uk. • Credit Safe Rating 87A – Very low risk.

Misrepresentation act:This property is off ered subject to contract, availability and confi rmation of details. These particulars do not form any contract and, whilst believed to be correct, parties are recommended to satisfy themselves as to their accuracy. The vendors or lessors cannot make or give any representation or warranty whatsoever in relation to this property. Unless otherwise stated, all prices and rentals quoted are exclusive of any Value Added Tax to which they may be subject. April 2015.

EPCs

EPC rating D94 – EPC available for inspection on request.

VAT

The property has been elected for VAT and therefore we would expect the investment would be treated as a transfer of a going concern.

PRICE

Offers in excess of £1.2m (One million two hundred thousand pounds) which shows a net initial yield of 8.6% after allowing for purchaser’s costs at 5.8%.

VIEWING

Fergus Laird BSc FRICS

Mobile: 07768 063109

Office: 0191 211 1561

Email: ferguslaird@naylors.co.uk

A1(M)

A1(M)

A194(M)

A69

A68

A68

A68A688

A67

A689

A69

A691

A1A19

A184A1018

A179

A66A174

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Whitley Bay

Newcastle upon Tyne

South Shields

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Hartlepool

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Darlington

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Gateshead

Consett

Bishop Auckland

Newton Aycliffe

Sedgefield

Peterlee

SeahamHoughton le Spring

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A189

A184

A695

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A167(M)

A167

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Alswick Rd

Westgate Rd

B1600

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Newcastle

River Tyne

Central

South/A1

A1Gosforth

MGateshead