Unit B6, The Avenues, Eleventh Avenue North, Team Valley , Gateshead, NE11 0NJ
Let to Enercon Services UK Limited on a new 5 year lease which will expire on 31 March 2029 with rent review and tenant break option on 1 April 2027
Delphi rating: 100 - very low risk
1,251 sqft (116 sqm)
Rent - £12,510 per annum
Ideal for Pension Fund Purchase
Offers sought in excess of £145,000 which equates to a net initial yield of 8.5%, after allowing for purchaser's costs
Fergus Laird
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Location
Team Valley lies approximately 4.5 miles south of the Newcastle/Gateshead conurbation and has direct access onto the A1 trunk road linking the North and Scotland with the Midlands and South.
The Estate is a major commercial centre providing in excess of 650,000m of commercial accommodation and home to a number of major national occupiers.
The Avenues comprises multiple terraced industrial units and is located just off Eleventh Avenue North. The units are popular with local occupiers and provide good quality workshop accommodation.
Description
The property is a mid-terraced industrial unit with blockwork and clad elevations with a profile sheet roof. The workshop area has a concrete floor, LED high bay lighting and a manual roller shutter door measuring 2.5m (wide) x 3.6m (high). There is also a small office to the front of the unit with WC and kitchenette to the rear.
A ceiling mounted gas blower heater is present in the warehouse area but not currently connected to the mains. Electrical power is via a 3 phase supply with 100amp fuses. Minimum eaves height in the warehouse is 4.88m, rising to 5.63m at the apex.
Terms
The property is held by way of a long ground lease dated 13 October 1992 for a term for 125 years less 3 days from 25 December 1989.
The property is in turn let to the excellent covenant of Enercon Services (UK) Limited by way of an effectively full repairing and insuring lease for a term of 5 years from 1 April 2024, with a rent review and tenant break option on 1 April 2027.
