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- 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.
