Reversionary Industrial Investment in Busy Commercial Location, Gateshead
Hadrian Works, Wellington Road, Gateshead, NE11 9JL
Industrial, Investment
12,357 Sq Ft
£900,000 for the Freehold
For Sale
Chris Donabie
Interested in this property?
Please contact me
chrisdonabie@naylors.co.uk 0191 232 7030
Find out more
About the property
There are four units within the 1-acre site.
The larger blue unit at the front of the site, fronting the main road, is of a steel portal frame construction with brick/blockwork elevations
to approximately two metres and profiled metal cladding above. The roof is of pitched design with single-skin profiled metal decking. The unit has an eaves height of approximately 3.88m, rising to 5.10m at the apex, and benefits from an electric roller shutter door measuring approximately 4.18m high by 3.84m wide. Internally, the accommodation is divided into a number of production rooms,
offices, W.C. facilities and a kitchenette, with fluorescent strip lighting and gas-fired heating throughout. There is also a warehouse area,
incorporating a mezzanine storage area.
Units B and C comprise a single industrial building that has been split into two units. The building is of steel portal frame construction with brick/blockwork elevations to approximately two metres and profiled metal cladding above and a pitched roof with profiled metal decking incorporating approximately 5% translucent roof lights. The eaves height is approximately 10.75m in Unit B and 9.75m in Unit C. Both units are fitted with manual roller shutter doors, with Unit B's door measuring approximately 5.80m high by 4.60m wide and Unit C's measuring approximately 5.52m high by 4.62m wide. Internally, the units provide standard industrial accommodation with LED lighting throughout and a mezzanine floor for extra storage.
To the front of the site is a separate building that was formerly used as office accommodation but is now utilised for storage purposes.
The building is of steel portal frame construction with brick/blockwork elevations beneath a pitched roof clad in profiled steel sheeting. Internally, it is fitted with fluorescent strip lighting, gas fired heating and W.C. facilities.
Key features
Located in a prominent industrial trade counter location
Within 2 minutes drive of the A1
Total site area is 1.05 acres (0.42 hectares)
3.71 years to expiry (2.03 years to break)
Low overall passing rent of £86,800 per annum (£6.82 psf)
Reversionary rent estimated to be £98,856 per annum (£8 psf)
Potential for further reversion subject to refurbishment
Seeking offers over £900,000 exclusive of VAT showing a net initial yield of 9.13% after standard purchaser's costs. This shows a low capital value of £72.83 psf
Potential reversion to over 10%
Location
The property is located on Wellington Road, Dunston which is located close to the Dunston Industrial Estate, a well-established industrial
location. The property benefits from excellent connectivity with access to the A1 the region's principal motorway.
Dunston Industrial Estate comprises a mix of detached and terraced industrial units, workshops and trade premises. The location is particularly attractive to occupiers requiring ready access to the A1.
The property is situated in a prominent position facing Wellington Road and is adjacent to Dunston Football Club. Dunston is one of the North East's longest standing commercial and employment areas with key neighbouring occupiers being Costco, Go North East and the Metro Centre.
Terms
Freehold.
