Newcastle Upon Tyne, NE15
£148.21 per sq ft
Business rates & charges may apply
- SIZE AVAILABLE
40,821 sq ft
3,792 sq m
- SECTOR
Light industrial facility for sale
- USE CLASSUse class orders: B2 General Industrial
B2
Key features
- A rare opportunity to acquire a multi-let industrial estate located in Lemington, Newcastle upon Tyne.
- The property comprises a refurbished multi-let industrial estate spanning fifteen units totalling 40,821sq. ft.
- The tenant mix is varied and focussed on clean, trade-orientated use.
- The salient rental tone of £10 per sq ft is well-established and all leases benefit from rent reviews to the higher of OMR or uncapped RPI.
- Excellent access to the A1(M), A69 and Newcastle city centre'
- Freehold
- Offers sought in the region of £6,050,000.
- Quoting price equates to a net initial yield of 6.52% after purchaser's costs of 6.63%.
Description
The opportunity comprises fifteen industrial units, split into two phases.
Phase 1 comprises a terrace of eight industrial units of steel frame construction with composite
cladding and masonry elevations, surmounted by a composite cladding roof.
Customer access to the northern elevation is via aluminium glazed doorsets while loading access
to the southern elevation is via up and over roller shutters.
Internal accommodation is arranged over a solid concrete slab and each unit features a toilet/
amenity block and three phase power. The property features unfettered use of parking and ancillary yardage.
Phase 1 also features the iconic Lemington Cone, which has been sympathetically restored by
the vendor to provide modern workshop accommodation, currently used as a children's day
nursery.
Phase 2 comprises six refurbished industrial units, five of which are configured within a single
block with unit 26 being self-contained.
All units benefit from three-phase power and separate metering, with most featuring an internal
amenity block and roller shutter access.
HISTORY
Mandale Park NE15 sits on a development steeped in a rich history dating back to the industrial
age.
Opened in 1787, and spanning nearly 200 years of production, Lemington Glass Works is an iconic local site featuring one of only four surviving glass making cone buildings in the country.
The bulk of the site was demolished in 1997 with the cone being the only remaining structure.
Under new ownership, this unique estate has been restored back into a busy hive of workspaces,
bringing jobs and businesses back to Lemington.
Brochures
Newcastle Upon Tyne, NE15
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Blaydon Station0.7 miles
- MetroCentre Station2.3 miles
- Bank Foot Metro Station3.0 miles
Notes
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