Guide price
£1,800,000
Office for salePatrick House, Gosforth Park Avenue NE12
About this property
The property comprises a modern, high specification, two storey office.
• Well located in a popular business park, with generous demised car parking.
• Net internal area of 762 sqm (8,200 sq ft).
• The property is occupied by two established businesses, Homecare Plus Ltd and Hold Group Ltd.
• The vendor proposes a sale subject to new leases to each business, commencing from completion, for an
unbroken term of 10 years, with rent reviews in the 5th year which will be rpi linked, cap and collar at 4% and
2%.
• Total rent roll of £150,000 pa, equating to an average passing rent of £18.30 psf.
• Credit Safe Score 77/A (homecare plus lts).
• Credit Safe Score 56/B (hold group limited).
• Freehold interest
Proposal
We are instructed to seek offers in excess of £1,800,000 (One Million, Eight Hundred Thousand Pounds) subject to contract and exclusive of VAT.
A purchase at this level reflects a Net Initial Yield of 7.87% assuming purchasers costs of 5.92%.
• Well located in a popular business park, with generous demised car parking.
• Net internal area of 762 sqm (8,200 sq ft).
• The property is occupied by two established businesses, Homecare Plus Ltd and Hold Group Ltd.
• The vendor proposes a sale subject to new leases to each business, commencing from completion, for an
unbroken term of 10 years, with rent reviews in the 5th year which will be rpi linked, cap and collar at 4% and
2%.
• Total rent roll of £150,000 pa, equating to an average passing rent of £18.30 psf.
• Credit Safe Score 77/A (homecare plus lts).
• Credit Safe Score 56/B (hold group limited).
• Freehold interest
Proposal
We are instructed to seek offers in excess of £1,800,000 (One Million, Eight Hundred Thousand Pounds) subject to contract and exclusive of VAT.
A purchase at this level reflects a Net Initial Yield of 7.87% assuming purchasers costs of 5.92%.
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