Property
17 Berrymoor Court, Cramlington, Northumberland, NE23 7RZ
NEW BUILD OFFICE INVESTMENT FOR SALE
Entirely Let to an international company a new 10 year lease at £38,000 pa | Located in a prominent business park location | 3,401 sq ft (316 sqm)
The property is entirely let on FRI terms to Braden UK Limited on a new 10-year lease from completion of the construction at an initial rent of £38,000 per annum with tenant only breaks on 3rd, 5th and 7th anniversary of the commencement of the term subject to 6 months prior notice in writing. A 3-month rent penalty will be paid should the tenant exercise the first break option.
LOCATION
Cramlington is a former new town located in the south east of Northumberland. The town is around 10 miles to the north of Newcastle upon Tyne, 8 miles to the south of Ashington and 4 miles to the south west of Blyth. According to the 2011 census the resident population of the town is 20,413.
Road communication links are excellent with the junction of the A19 and A1 being within 2 miles to the southwest of the town centre. These are the two main trunk roads through the northeast and give access to the regional and national road networks. Newcastle International Airport is within 15 minutes’ drive time.
Cramlington is on the Eastcoast Mainline and there is a commuter station for Newcastle upon Tyne where there are links to London in under 3 hours and to the rest of the UK.
DESCRIPTION
The property comprises a new build two storey semi-detached office building with brick elevations with a hipped span tile roof covering.
Internally the accommodation provides a ground floor reception area/foyer with a staircase leading to the first floor. There are separate male and disabled/female WCs and a kitchen off the reception areas.
The reception area leads to a rectangular shaped office on the ground floor which in turn leads to a further rectangular shaped store area extension.
The first-floor accommodation provides further office accommodation.
TENANCY INFORMATION
The property is entirely let on FRI terms to Braden UK Limited on a new 10-year lease from completion of the construction at an initial rent of £38,000 per annum with tenant only breaks on 3rd, 5th and 7th anniversary of the commencement of the term subject to 6 months prior notice in writing. A 3-month rent penalty will be paid should the tenant exercise the first break option.
TENANT INFORMATION
Founded in 1923, the Braden Group has grown to become one of the industry’s leading suppliers in balanced solutions for air, handling noise mitigation, emissions control and energy storage.
They have offices across America, Europe and the UK concentrating on emissions reduction in the
oil & gas, petrochemical, and power generation sectors.
EPC
The properties are currently under construction and the EPC will be commissioned once fully constructed.
VAT
We understand the property is not elected for tax and therefore no VAT is payable.
LEGAL COSTS
Each party to be responsible for their own legal costs.
ANTI-MONEY LAUNDERING REGULATIONS
In accordance with anti-money laundering regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.
ACCOMMODATION
| Ground | ||
| Reception | 28 sqm | 301 sq ft |
| Disabled WC | 4 sqm | 43 sq ft |
| WC | 3 sqm | 32 sq ft |
| Kitchen | 3 sqm | 32 sq ft |
| Office 1 | 92 sqm | 990 sq ft |
| Store | 55 sqm | 592 sq ft |
| First | ||
| Office 1 | 39 sq m | 420 sq ft |
| Office 2 | 92 sqm | 990 sq ft |
| TOTAL | 316 sqm | 3,401 sq ft |
PROPOSAL
Freehold available for offers in excess of £460,000 reflecting a net initial yield of 7.90% assuming standard purchasers’ costs of 4.52%.
