Well Located and Established Newcastle City Centre Serviced Office Investment Opportunity
Summary
Very well-located and established multi-let serviced offices.
Substantial Grade II Listed trophy building in Newcastle City Centre.
Flexible accommodation creating an excellent co-working environment.
GIA of 42,102 sq ft and a Net Lettable Area of 33,231 sq ft.
Freehold.
65% occupied with a current Gross Income of £826,631 per annum and a Net Operating Income of £307,507 per annum.
Clear immediate asset management opportunities to significantly increase the net operating income and re-brand
Offers in excess of £5,500,000 (Five Million and Five Hundred Thousand Pounds) exclusive of VAT for our client’s Freehold interest.
A purchase at this level reflects a Net Initial Yield of 5.24% on the current net income after purchaser costs. Reversionary potential yield following refurbishment of 13.53%.