Newcastle - 102 Grey Street
The city of Newcastle is the regional capital and principal economic focus of the north east of England and is one of the most dynamic cities in the UK. The city is located approximately 282 miles (455km) north of London, 97.5 miles (157km) north of Leeds and 121 miles (195km) south east of Edinburgh. Newcastle benefits from excellent road communications served by the A1(M) which links the city to the UK’s motorway network and provides access to Edinburgh in the North and London, Manchester and Leeds in the south. Newcastle is served by two city centre railway stations, Newcastle Central Station and Manors Station, offering a fastest journey time of 2 hours 37 minutes to London Kings Cross and 1 hour 25 minutes to Edinburgh Waverley. Outside London, Newcastle is the only city in England to benefit from an underground rail network. Newcastle International Airport is approximately 6 miles (10km) north west of the city centre, servicing 4.6 million passengers who fly to more than 80 destinations.
The subject property is located in a prominent position towards the northern end of Grey Street, Newcastle’s prime leisure and office location. It is situated in close proximity to Monument, Monument Metro & the recently refurbished Monument Mall where Blackett Street, Grainger Street and Grey Street meet and where an entrance into Eldon Square Shopping Centre is located. The surrounding properties comprise a mix of retail, leisure and office uses with a number of similar properties having been converted into restaurants or bars with offices above.
Grey Street has evolved over recent years to become the prime upmarket leisure and dining scene for Newcastle. Home to the iconic Theatre Royal, the street links the Quayside to the south with the ‘Diamond Strip’ to the west. The street is home to many popular restaurants and bars including national multiples such as Las Iguanas,
Harry’s Bar and Carluccios along with local and regional occupiers such as Bar Luga, Decantus and Fitzgeralds.
The subject property is Grade II* listed and comprises a large double height banking hall on the ground floor and a customer business centre on the mezzanine and first floors. The remaining upper levels provide office accommodation arranged around a central atrium. At basement level there are various strong rooms and storage
Basement Ancillary/Vaulted Stores 4,449 sq. ft. 413 sq. m Ground Floor Sales 6,547 sq. ft. 608 sq. m Ground Floor ITZA 2,757 units Mezzanine Offices 2,079 sq. ft. 193 sq. m First Floor Offices 5,276 sq. ft. 490 sq. m Second Floor Offices 2,227 sq. ft. 207 sq. m Third Floor Offices 5,881 sq. ft. 546 sq. m Fourth Floor Offices 5,453 sq. ft. 507 sq. m Total 31,912 sq. ft. 2,964 sq. m
Let to Lloyds Bank Plc on a full repairing and insuring lease (FRI) from 24th June 2011 and expiring 23rd June 2021 with a FRI reversionary lease in place from 24th June 2021 and expiring 23rd June 2026 (6.7 years unexpired). The next rent review (open market and upwards only) is due on 24th June 2021.
Current Rent PAX
The property has not been elected for VAT. The lease to Lloyds contains a landlord covenant not to elect for VAT.
£6,620,000 (Subject to Contract and exclusive of VAT )
A net initial yield of 5.95%
MISREPRESENTATION: These particulars do not constitute an offer or contract. They are intended as a guide to prospective purchasers. All reasonable care has been taken in the preparation of these particulars but their accuracy is not guaranteed. The purchaser should satisfy himself and as to the correctness of these details, Neither the agents nor the vendor or lessors are to be or become under any liability or claim in respect of these particulars. These particulars are supplied on the understanding that all negotiations are conducted through this office.