property details

RETURN TO LISTINGS
Download Property Details PDF
[ssba]

Honeycomb, Gateshead, NE11 9SZ – High Yielding Office Investment

Location

Located on The Watermark Business Park, Gateshead’s premier out of town office location.
Excellent transport connections sitting adjacent to the bus and rail interchange and a two minute drive to A1 junction 71, providing rapid access to the wider region.
Nearby occupiers include NFU Mutual, Handlesbanken, NEC, Hadrian Healthcare, Barratt Homes and Teleperformance.

Status

Available

Accommodation

Honeycomb comprises a modern 30,564 sq ft (2,839.5 sq m) purpose built stand-alone office building with extensive parking provision (1:261 sq ft).

Floor Sqft Sqm Status
Honeycomb Building 30564 2839.5 Available
Total 30564 2839.5

Lease:

Attractive AWULT of 7.13 years to lease expiry and 4.51 years to lease breaks.
Freehold

Rent:

We have been instructed to seek offers in excess of £3,100,000 (Three Million, One Hundred Thousand Pounds). A purchase at this level
reflects a net initial yield of 8.5%, a potential reversionary yield of 13% and a low capital value of £101 per sq ft, assuming purchasers costs of 6.46%.

Possession:

Amenities:

Multi-let to strong covenant tenants ITV Broadcasting Limited and Mediaworks UK Limited. ITV operate their regional studio covering the North East of England from the ground floor and award winning digital marketing agency Mediaworks use the second floor as their
office headquarters.
Significant asset management potential through the letting of the vacant first floor.

  • Patrick Church

    Partner, Head of Investment
    : 020 3946 3551
    Mobile: 07909 685 587
    Email Patrick
  • James Hogg BSc (Hons)

    Surveyor
    : 020 3946 3553
    Mobile: 07525 807 263
    Email James
  • John Rowland BSc

    Graduate Professional Services Surveyor
    : 020 7643 1503
    Mobile: 07921 838 684
    Email John