PROPERTIES

Collingwood Buildings, Collingwood Street, Newcastle NE1 1JF

Price£5,500,000

PDF DETAILS

Collingwood Buildings, Collingwood Street, Newcastle NE1 1JF

  • Price£5,500,000
  • Income£307,507
  • Yield5.24%
  • SectorOffice
  • StatusAvailable
PDF DETAILS

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%.