Nottingham

Newcastle House, Nottingham

• Prominent City centre office building located in central Nottingham.
• Well specified four storey building totalling 68,106 sq ft benefitting from comfort cooling, raised floors and suspended ceilings.
• Excellent car parking provision of 164 spaces. (ratio 1:415 sq ft).
• Currently fully let on 3 leases producing a rental income of £951,186 per annum. UPS are consolidating to the 2nd floor in May 2014, providing asset management potential by letting the 3rd floor.
• Strong tenant covenants of Gala, UPS and Telefonica.
• AWULT 3.5 years to expiry/3.14 to break.
• Canal side location and configuration of existing building offers excellent change of use potential to residential or student accommodation on lease expiry.
• Freehold.
• We are instructed by our client to seek offers in excess of £6,300,000 (Six Million Three Hundred Thousand Pounds) subject to contract and exclusive of VAT.
• Attractive net initial yield of 10.96% (assuming May 2014 reduced rent of £730,686), based on purchasers costs of 5.80%.