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 people, making it the 7th 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 road
network with the A1 approximately 2 miles to the west and
the A19, 7 miles to the east.
The city is well served by public transport with Newcastle Central an established station on the East Coast Mainline with connections to London King's Cross in 2 hours and 40 minutes and Edinburgh in 1 hour 30 minutes. Newcastle Central Station is also the main interchange for the Tyne & Wear Metro, the rail network which runs throughout Tyneside. The network supports 60 stations throughout Tyne and Wear 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 abroad. Newcastle University is a member of the Russell Group comprising the leading 24 universities in the country.
Maybrook House comprises a mixed use building constructed
in the 1970s, spread over basement, ground and 5 upper floors.
The ground floor comprises three fully let retail units accessed
via Grainger Street whilst the five upper floors comprise
3,711 sq m (39,945 sq ft) of modern, open plan office
accommodation. The vendor undertook a comprehensive
refurbishment programme of the common areas in 2010 along
with a refurbishment of the office accommodation on a floor-by-floor basis.
The office accommodation benefits from the following specification:
We understand the main body of the property is held Freehold whilst there is a small parcel of land to the rear held on a 999 year lease from 1 September 2016 at a peppercorn without review.
The property is let in accordance with the tenancy schedule in the link below.
Further information can be found in the marketing brochure.
The property has been elected for VAT. It is proposed the sale be treated as a transfer of a going concern (TOGC).
We are instructed to seek offers in excess of £6,400,000 (Six Million, Four Hundred Thousand Pounds) subject to contract and exclusive of VAT for our client's freehold interest. A purchase at this price reflects a net initial yield of 8.67% after deducting purchaser's costs of 6.63%.