property detailsRETURN TO LISTINGS
Honeycomb, Gateshead, NE11 9SZ – High Yielding Office Investment
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.
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).
Attractive AWULT of 7.13 years to lease expiry and 4.51 years to lease breaks.
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%.
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
Significant asset management potential through the letting of the vacant first floor.