Manorview House, Kings Manor

Newcastle upon Tyne NE1 6PA


  • Single let office investment with significant redevelopment potential, occupying a central location adjacent to Northumbria University campus and in close proximity to Newcastle city centre.
  • 18,307 sq ft of flexible, modern office accommodation across three floors with 35 car parking spaces.
  • Let to the undoubted covenant of The Secretary of State for Communities and Local Government for a term of 2 years from 31 March 2018 (1.5 years unexpired).
  • Passing rent of £302,000 per annum reflecting a low passing rent of only £14.65 psf.
  • Outline planning consent for new student accommodation scheme of approximately 250 units / c. 70,000 sq ft, significantly intensifying the use of the site.
  • We are instructed to seek offers in excess of £2.837 million (Two Million, Eight Hundred and Thirty-Seven Thousand Pounds) to reflect a net initial yield of 10% after deducting purchaser's costs of 6.43%.


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 House is situated on Kings Manor Business Park to the east of the city core and only 500m from the city's retail core. The property is directly opposite Northumbria University's £70 million business, law and design schools which is the eastern gateway to the main city campus and less than a five minute walk from the subject property. Manors Metro station, which is situated on site, and the A167 central motorway give the location unparalleled accessibility.

Two of the five buildings on the park are being converted to student use. The adjacent Clough House has been converted to a six storey, 272 unit block of student accommodation for established operator, IQ Student and will open its doors September 2018. Uptake of rooms has been strong in line with its prime location, with the few remaining ensuite rooms priced at £123-£155 per week and studios at £145-£165 per week.

The former Newcastle Technopole, also adjacent to the subject property, is being redeveloped by IQ to create 535 bed spaces to be delivered in 2020.

Other office occupiers on the park include The Labour Party and the DVSA.


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:

  • An eight person passenger lift which has been recently refurbished
  • Toilet and kitchenette facilities on each floor
  • Double glazing
  • Raised floors
  • Gas fired central heating
  • 35 car parking spaces to the front - an excellent ratio of 1:523 sq ft.
For accommodation information, please see the link below.


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.

Central Business and Technology Park Management Company

There are five buildings on the park, each of the long leaseholders has one share representing a 20% stake in the Central Business and Technology Park Management Company Ltd, which owns the wider freehold. Any purchaser will be transferred the vendor's share.

The air rights above Manors Metro Station are also under the ownership of the Management Company and there may be valuable development potential to be realised here.


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).



Student and Office Market Commentary

Further information can be found in the marketing brochure.


The property has the benefit of outline planning consent for a student accommodation development of up to 8 or 9 storeys, granted on 9 November 2016. A full scheme has not been designed, however the approved massing would provide a GIA of c.70,000 sq ft and in the order of 250 units.

A S106 Agreement was put in place in November 2016. The developer is to make highways contribution of £232 per bed space and a £258 per bed space open space contribution subject to RPI uplifts from November 2016 to payment. The payments are ring fenced for improvements to the pedestrian access bridge over the A167(M).

The outline consent was granted before the CIL obligations came into place, relieving the developer of that obligation, so long as the application is implemented and to do so the reserved matters will need to be submitted by November 2019.

All planning documents can be found in the data room or under planning reference 2016/0484/01/OUT.


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.

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