Single let industrial / trade counter investment in prime location of Team Valley Trading Estate, Gateshead.
Team Valley Trading Estate is in the primary industrial location in Gateshead, approximately 4 miles south of Newcastle city centre.
Team Valley benefits from being immediately adjacent to the A1 Western Bypass and Kingsway North provides direct access to both junctions 67 & 68 of the A1.
Prime location with nearby occupiers including DHL, DPD as well as others.
The property comprises a light industrial / trade counter unit.
Total gross internal area of approximately 9,651 sq ft.
Let to Budget Greeting Cards Limited (net assets - £20.8m).
FRI lease for a term of 10 years wef 14th March 2024, expiring 13th March 2034 (9.93 years unexpired).
Topped up rent of £82,000 per annum (£8.50 psf).
Rent to be reviewed on the fifth anniversary in line with RPI (1-4%cc).
Tenant only break clause on the fifth anniversary of the term.
Long leasehold (125 years at a peppercorn ground rent expiring 21st November 2118 (94.62 years remaining).
