6 Diamond Court, Newcastle Upon Tyne, Tyne and Wear, NE3 2EN
Fully let to the substantial covenant of Kintetsu World Express (UK) Limited (CRN 01888371)
Let by way of a five-year lease which expires on 22nd November 2028. (Three and a half years unexpired)
8 dedicated parking spaces
Passing rent - £17,750 per annum
Fully let Office Scheme
Excellent location just off A1 and walking distance of Tyne and Wear Metro
Ideal for Pension Fund Purchase
Offers sought in excess of £215,000, which equates to a net initial yield of 8.06%, after allowing for purchasers' costs
Fergus Laird
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Location
The Kingston Park office development is found at the end of Beaminster Way East in the commercial heart of the Newcastle suburb of Kingston Park. There are major office, industrial and retail schemes close by and the A1 trunk road linking London and Scotland runs adjacent. Newcastle International Airport is just 3.5 miles to the north west of the property. Close by occupiers include M&S, TK Maxx, McDonalds.
Description
The offices at Kinston Park comprises a development of a number of own front door offices around a courtyard with on-site parking. The building comprises an attached property over ground and first floor benefiting from suspended ceilings, carpeting and double glazed windows.
Terms
The property is held by way of a long term ground lease expiring on 27th September 2137 at a ground rent of £100per annum.
In turn the property is let to Kintetsu World Express (UK) Limited (CRN 01888371) by way of a renewal lease for a term of 5 years from 23rd November 2023 and expiring 22nd November 2028.
