Business Centre acquired for London based Property Company

We are very pleased to have completed the acquisition of Albion House, North Shields on behalf of Citrus Group.

Albion House is well located close to the town centre of North Shields within the borough of North Tyneside, Tyne &
Wear. Access to the A19 trunk road and central Newcastle upon Tyne is within a 6 minute and 16 minute drive time respectively.

Albion House is situated close to a mix of office, residential and retail uses. The property is accessed by car and on foot off West Percy Street. Abutting the site to the west is the NHS Nelson Health Centre as well as a social club. To the south east corner there is a further social club. The popular Beacon Shopping Centre, North Shields Metro Station and main bus stops in the town centre are less than a 5 minute walk from Albion House.

10,303 sq.ft. is let to 17 occupiers on licence agreements which include rent/licence fees, all insurance contributions, service
charges, telecoms and utility standing charges. The property is currently 58% let (against a high of 95% within the last 3 years) and produces a gross income of £105,483 per annum, reflecting £10.09 per sq.ft inclusive on the let space. The current operating costs are £22,909 per annum and include the utility costs (net of utility costs recharged to customers), refuse collection, cleaning, security, electricity, insurance and general repairs & maintenance. The Net Operating Income is £87,614 per annum.

Daniel Capobasso, Partner & Investment Agent at Johnson Tucker LLP commented on the acquisition: “This is a fantastic opportunity for my client to create much needed good quality housing in North Shields town centre. Since purchasing the building, Citrus Group have now secured planning permission to convert the property to residential accommodation, and plan to commence construction for the conversion shortly.”

For more information please contact Daniel Capobasso on 07968618948 or email danielc@johnsontucker.co.uk.

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