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Newcastle House, Nottingham NG7 1FT

Status: Sold

Date: 01 April, 2014

Type: Offices

Details: Download PDF

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%.