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Office for sale

Fourth Floor, 93a Grey Street


Property Description

Key features

  • Prime period office investment for sale
  • Multi let 4th Floor offices
  • Passing rent of 41,280 per annum
  • Refurbished to a high standard
  • EPC Rating F126
  • Guide 450,000 for long leasehold

Full description

SITUATIONThe subject property is located on the western side of Grey Street, in the heart of Newcastle City 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 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”. 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 Central Station.DESCRIPTIONThe Central Exchange Building is possibly one of the most iconic landmarks in 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 partnership of Architect John Dobson and wealthy businessman Richard Grainger in 1834 as "A place for the procurement of commerce and exchange". It is steeped in the history of Newcastle.The offices recently underwent complete renovation with guidance from English Heritage and the offices retain an array of attractive period features including a feature stained glass window. ACCOMMODATIONFourth Floor Offices 148.20m² (1,595ft²)KitchenSeparate Ladies and Gents WC’s.Lift AccessDoor IntercomGas Central HeatingTENANCY INFORMATIONThe premises are currently let to the following tenants:Irvine Ramsay Limited occupies office 1 at an annual rental of £13,800 from 1st April 2015.UK Path occupies office 2 at an annual rental of £5,940 from 1st July 2016.Bench MQ occupies office 3 at an annual rental of £5,940 from 1st December 2015.Adenin Technoligies AD occupies offices 4 and 5 at a combined annual rental of £11,400 from 1st July 2016.Ramsay Services Investments Ltd occupy office 6 at an annual rental of £4,200 from 1st January 2016.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.The combined annual rental equates to £41,280. There is a service charge budget ran by the landlord which currently equates to £4032 plus VAT. Further details are available upon request.TERMSThe subject property is available by way of long leasehold at £450,000 (Four Hundred and Fifty Thousand Pounds). The lease has a total of 134 years unexpired. A full copy of the lease is available. LEGAL COSTSEach party is to bear their own legal costs involved in the transaction.VATAll 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.VIEWINGFor general enquiries and viewing arrangements please contact sole agents Bradley Hall Chartered Surveyors.

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