Bulman House | Regent Centre
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Bulman House Regent Centre
18,441 SF 100% Leased Office Building Newcastle Upon Tyne NE3 3NG £1,680,000 (£91/SF) 8.02% Net Initial Yield
Investment Highlights
- Prime location close to Regent Centre Metro Station
- Passing rent of £142,000 per annum
- Asking price of £1.68M representing 8.02% after reasonable purchasers costs
- Single let to an international accountancy firm in Azets on a 10 year term from April 2022
- Ground rent of £1,750 per annum payable to freeholder
Executive Summary
The subject is a purpose-built mid-20th Century office block arranged over, ground, first, second and third floors. The original block was constructed in 1969, with a further extension added in 1974.The original building is arranged as two ‘wings’ either side of a central stairway and amenity block which also houses WC’s and a 10 person (750 kg) passenger lift.
The property is of a framed construction, with brick facing, beneath a flat, recently recovered roofing system, with UPVC double glazed fenestration throughout.
Internally the accommodation is arranged as predominantly open plan offices with a number of private offices and meeting rooms partitioned from within the space.
There are grid pattern suspended ceiling throughout with recessed LED lighting. Floors are believed to be concrete slab and have carpet covered surfaces. All of the office space has been refurbished in recent years and presents extremely modern and fresh.
The property is of a framed construction, with brick facing, beneath a flat, recently recovered roofing system, with UPVC double glazed fenestration throughout.
Internally the accommodation is arranged as predominantly open plan offices with a number of private offices and meeting rooms partitioned from within the space.
There are grid pattern suspended ceiling throughout with recessed LED lighting. Floors are believed to be concrete slab and have carpet covered surfaces. All of the office space has been refurbished in recent years and presents extremely modern and fresh.
Property Facts Sale Pending
Sale Type
Investment
Property Type
Office
Tenure
Long Leasehold
Building Size
18,441 SF
Building Class
C
Year Built
1970
Price
£1,680,000
Price Per SF
£91
Net Initial Yield
8.02%
NOI
£134,736
Percent Leased
100%
Tenancy
Multiple
Number of Floors
4
Typical Floor Size
4,610 SF
Parking
15 Spaces (0.81 Spaces per 1,000 SF Leased)
Amenities
- Air Conditioning
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Bulman House | Regent Centre
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