Property description
SITUATION
The property forms part of The Watermark development located on the south bank of the River Tyne adjacent to the Metro Centre Shopping complex and approximately 0.5 miles from the A1. Newcastle City Centre lies approximately 4 miles to the east and Newcastle International Airport is around 5.5 miles to the north west. Surrounding occupiers include Tyne Tees Television, Citri and Ian Belsham Associates. The estate is also served by its own licensed café premises.
DESCRIPTION
The property is a modern two storey office building benefitting from excellent natural light, direct views across the River Tyne, raised access flooring, gas central heating, a designated parking area and category 2 lighting. The property provides good specification offices throughout.
ACCOMMODATION
The property comprises ground and first floor office space as below in addition to well presented entrance lobby, fully fitted kitchen and WC facilities.
Ground floor
74.2m²
(798.6ft²)
First floor
97.0m²
(1,044ft²)
Total
171.2m²
(1,842.7ft²)
TERMS
The property is available by way of a new FRI lease for a term of ten years with a break clause at the anniversary of year 5, subject to six months prior written notice. The rental is subject to an increase after year one with and initial rental of £10.00 (Ten Pounds) per square foot which will rise to £12.80 (Twelve Pounds and Eighty Pence) per square foot in year two and onwards. The rental is exclusive of rates, service charge and utilities.
RATING ASSESSMENT
Description
RV
Estimated Rates Payable
Offices &
£23,750
£10,877.50
Premises
We are advised that the rateable value of the premises as at 1 April 2010 is £23,750 and we have estimated the accrual rates payable for the current year above. This is based on the standard Small Business Rate of 45.8p in the pound. However, interested parties should confirm the current position with the Local Authority.
As a new occupier rights of appeal may exist against this assessment.
LEGAL COSTS
Each party is to bear their own legal costs involved in the transaction.
VAT
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.
VIEWING
For general enquiries and viewing arrangements please contact sole agents Bradley Hall Chartered Surveyors.
Property Features :
- Good specification
- Ground floor 74.2m² (798.6ft²)
- First floor 97.0m² (1044ft²)
- Designated parking to the front
- New lease available