Gateshead, NE8 | Investment Property for Sale | VES-NE8-001

Opportunity to acquire an unbroken apartment block (excluding freehold) located in Gateshead

£7,130,000

89-unit Block

VES-NE8-001

INITIAL INVESTMENT

£2,086,900

Based on

deposit: £1,782,500

stamp duty: £213,900

mortgage fees: £1,500

conveyancing fees: £89,000

GROSS RENT

£460,200

GROSS YIELD

6.5%

ADD TO FAVOURITES

The block

TENURE

Leasehold

NO OF UNITS

89

TENANCY STATUS

Tenanted

FURNISHED

No

TOTAL SQ FT

39,500

PRICE SQ FT

£181

GROUND RENT

£31,150

SERVICE CHARGE

£57,227

Please note that this is an off-market opportunity that is available to qualified buyers only.

Please get in touch and quote the reference number above to speak to a member of our sales team who can advise on the information that will be required from you in order for us to be able to share more detailed and confidential information related to the opportunity.

Opportunity to acquire an unbroken apartment block (excluding freehold) located in Gateshead, Newcastle.

The property comprises 89 apartments arranged over the ground and eight further floors, which have all been newly renovated to a high standard in this converted office building.

  • 80 x 1-bed apartments (estimated size of 400 to 506 sqft)
  • 9 x 2-bed apartments (estimated size of 569 to 631 sqft)

Each of the apartments has a bathroom and kitchen cum lounge. There is underground parking for all the 2-bed apartments and 47 of the 1-bed apartments. There is lift access to all floors.

The aggregate rent is £460,200 pa (£38,350 pcm being achieved at the date of listing) with a service charge budget of £57,227 pa and total ground rent payable to the freeholder of £31,150 pa.

The apartments are on separate 125-year leases commencing from 2017.

The property is excellently situated. It is located next to Gateshead highway, providing direct access to the city centre of Newcastle-upon-Tyne (an 8-minute drive) and Gateshead Stadium metro station (on the Green and Yellow lines of the Tyne and Wear Metro) is just a 7-minute walk away. There are several major road links which pass through Gateshead, including the A1(M) (for direct access to London and Edinburgh), as well as the A184 (which links to Sunderland). Trinity Square – a £150 million development that provides 1,100 jobs, accommodation for 1,000 Northumbria University students, a nine-screen cinema, health centre and 38 stores – is within a 10-minute walk from the property. Gateshead is also home to the Metrocentre, the second largest shopping centre in the UK, which houses more than 370 retailers as well as many popular food chains.

Newcastle’s local economy is home to many corporate headquarters, such as Greggs, Virgin Money, EE, Npower, as well as two large hospitals (Queen Elizabeth Hospital and Royal Victoria Infirmary, both of which are less than a 10-minute drive away from the property) and the abundance of bars, shops and restaurants that can be found in the city centre. Over 42,000 students live in Newcastle, spread across the various campuses of University of Newcastle and Northumbria University.

The vendor is seeking offers over £7,130,000 (exclusive of freehold).

Please contact our sales team for further details.

Documents available on request, please contact for viewings or further questions.

The information relating to this property is supplied by the vendor and was the latest available information at the time of listing. Certain information may expire or become inaccurate over time.

Vesta makes no warranty as to the accuracy or completeness of the property listing or any associated information. All information should be reviewed by the purchaser and their solicitor.

About Gateshead, Tyne and Wear

Gateshead is a town in Tyne and Wear, north-east England, opposite Newcastle upon Tyne on the bank of the River Tyne. There are seven bridges joining Gateshead and Newcastle across the Tyne, including Gateshead Millennium Bridge.

There are a number of major road links which pass through Gateshead, one of them is the A1 which links it to London and Edinburgh, as well as the A184 which links it to Sunderland.

Gateshead centre no longer has a railway station. The closest station is in Dunston where Northern operated trains on the Tyne Valley Line from Newcastle upon Tyne to Carlisle. There are several Tyne & Wear Metro stations serving Gateshead, Newcastle, South Tyneside, North Tyneside and Sunderland. The metro stations at Gateshead Interchange and Gateshead Stadium provide direct access to Newcastle railway station, Newcastle airport, Sunderland, Tynemouth and South Shields.

Some of the local attractions are the Gateshead Millennium Bridge, Tyne Bridge, The Angel of the North, Sage Gateshead (a concert venue), the Baltic Centre for Contemporary Art, Shipley Art Gallery, Saltwell Park, Tanfield Railway, the National Trust owned Gibside (historic estate) and Watergate Forest Park. A great family day out can also be had in Beamish, a recreated 1913 Edwardian town.

Gateshead is also home of the into Metrocentre, the second largest shopping centre in the UK. It houses more than 370 retailers as well as a large number of popular food chains.

The following employers are in the top 50 fastest growing businesses in 2019 in Gateshead: It’s All Good Ltd, Lucion Services, Mediaworks, Northern Gas & Power, Templeman Retailing & Vending Ltd and Washington Metalworks.

Point of reference - not exact location,

Gateshead,

Tyne and Wear,

England,

NE8 1SQ

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