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Tyne River House, The Watermark, Gateshead NE11

For sale
  • Located on 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.
  • Tyne River House comprises a Grade A 29,999 sq ft NIA purpose built stand-alone office building with extensive parking provision.
  • Freehold.
  • Fully let to Teleperformance Limited with approximately 4.7 years remaining.
  • Tenant committed c. £2.3m to the building through an extensive refurbishment and fit out 5 years ago, hence minimal capital expenditure is required moving forward.
  • Passing rent of £423,080 per annum reflecting £14.10 per sq ft (overall).
  • Highly secure income – Turnover £266m, Pre-Tax Profit £15m and Shareholder’s Funds £65m.
  • Teleperformance has been in occupation of the building since 2002 and has recently amalgamated its workforce from another property into the building, demonstrating their commitment to this property.
  • Attractive income return and a low capital value psf reflecting a substantial discount to build cost.
  • Offers are sought in excess of £4,100,000 (Four Million, One Hundred Thousand Pounds), subject to contract and exclusive of VAT.
  • A purchase at this level reflects an attractive Net Initial Yield of 9.70% exclusive of purchaser's costs of 6.54% and a low capital value of £136 per sq ft.
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