DVSA gateshead-01-01-01

Status: Sold

Terms: For Sale

Size: 180 sq m (1,938 sq ft)

DVSA Driving Test Centre, Waterside Drive, Gateshead NE11 9HU

  • Located 500 metres from the Intu Metrocentre one of Europe’s largest shopping centres, with easy access to the A1
  • Term certain of 14.8 years (to tenant only break option) and 29.8 years to lease expiry
  • Rent reviews linked to CPI, collared and capped at 1 & 3% per annum compounded
  • Let to the undoubted covenant the Secretary of State for Communities and Local Government & operated by the Driver and Vehicle Standards Agency (DVSA)
  • Recently rebased rent of £150,000 per annum
  • 3.16 acres (1.41 ha ) with only 1.4% site coverage
  • Future asset management opportunities

We are instructed to seek offers in excess of £2.7 million (Two Million, Seven Hundred Thousand Pounds), subject to contract and exclusive of VAT.

A purchase at this level reflects an attractive Net Initial Yield of 5.22%, assuming purchaser’s costs at 6.41%.

Alternative/Roadside - Waterside Drive, Gateshead

Waterside Dr, Gateshead NE11 9HU, UK
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