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%.