Newcastle upon Tyne is the commercial and administrative capital of the North East, with a population of approximately 280,000 people (census 2011) and forms part of the wider Tyneside conurbation with a total population in the region of 1.1 million, making it the seventh largest in the UK. Located approximately 286 miles north of London and 105 miles south of Edinburgh, the city is well connected to the wider rail network with the A1 approximately 2 miles to the west and the A197(M) running past the site.
The city is well served by public transport. Newcastle Central Station is an established station on the East Coast Mainline, with connections to London's King's Cross in 2 hours 40 minutes and Edinburgh in 1 hour 30 minutes. Newcastle Central Station is also a main interchange with the Tyne & Wear Metro, the rail network which runs throughout Tyneside with 60 stations extending as far as Newcastle Airport, 6 miles to the north-west, and Sunderland to the south-east. Newcastle International Airport provides daily scheduled flights to both domestic and international locations.
Newcastle upon Tyne is home to two leading universities. Newcastle and Northumbria Universities attract in excess of 55,000 students from both the UK and 136 countries worldwide. Newcastle University is a member of the Russell Group, comprising the leading 24 universities in the country.
Manorview comprises a good quality modern building of steel frame construction with brick cladding under a pitched slate roof built c.1992. Access is via a triple height atrium with excellent natural lighting. The property provides good quality flexible open space across three storeys, with the ground floor being used as tribunal rooms and the upper floors used as a mixture of open plan and cellular office space. Facilities include:
The property is held on a long leasehold for a term 999 years, from 1 May 2016 from the Central Business and Technology Park Management Company at a peppercorn rent without review. Permitted Uses include Class B1, C1-C4, multi let residential accommodation and student accommodation.
The property is let to the Secretary of State for Communities and Local Government for a term of 2 years expiring on 31 March 2020 at a passing rent of £302,000 on FRI terms.
The property is elected for VAT and will be treated as a transfer of going concern (TOGC).
We are instructed to seek offers in excess of £2.837 million (Two Million, Eight Hundred and Thirty-Seven Thousand Pounds). A purchase at this price reflects a net initial yield of 10% after deducting purchaser's costs of 6.43% and reflects a capital value of £154 per sq ft.