Phase 1

INVESTMENT SUMMARY

• A rare opportunity to acquire a multi-let industrial estate and the landmark Cone located in Lemington, Newcastle upon Tyne.
• The property comprises a refurbished multi-let industrial estate spanning eight units totalling 20,510 sq ft, alongside the historic cone; a feature of the site’s former use as a glassworks and one of only four remaining in the UK.
• The iconic cone has been fitted out to provide 3,340 sq ft of modern workspace, while acting as a way marker for customers.
• The tenant mix is varied and focussed on clean, trade-orientated use. The salient rental tone of £10-12 per sq ft is well-established and all leases benefit from rent reviews to the higher of OMR or uncapped RPI.
• Direct access to the A6085, which links in turn the A1(M), A69 and Newcastle city centre.
• Freehold
• Offers sought in the region of £3,525,000 million (Three Million, Five Hundred and Twenty Five Thousand pounds) which reflects a net yield of 6.52% after purchaser’s costs of 6.50%.

The trading estate comprises a terrace of eight industrial units of steel frame construction with composite cladding and masonry elevations, surmounted by a composite cladding roof.
Customer access to the northern elevation is via aluminium glazed doorsets while loading access to the southern elevation is via up and over roller shutters. Internal accommodation is arranged over a solid concrete slab and each unit features a toilet/amenity block and three phase power. The property features unfettered use of parking and ancillary yardage.