Scott House, Penn Street, Newcastle upon Tyne, Tyne and Wear, NE4 7BG

Lot Image

Auction sale - Monday 13th July 2015

Result:

Sold for £184,000.

Upon the instructions of


  • Freehold
  • Ground rent investment
  • Producing £4,730 per annum
  • 21 year reviews (2013 outstanding)

Details

Location

The city of Newcastle upon Tyne is located on the banks of the River Tyne and alongside the A1 and A19 trunk roads so providing easy access to the north and the south. The A69 runs east to Carlisle following the line of Hadrian's Wall. The city has a population of around 300,000 and two leading universities with over 55,000 students as well as two major regional hospitals and a premier league football club, and attracts over 20 million visitors a year.
The city has enjoyed much regeneration including the Quayside and ongoing Science Central redevelopment. The city lies on the main east coast rail line and is served by its own metro rail services and an international airport. The property lies on the Scotswood Road Industrial Estate, fronting Penn Steet and lies adjacent to Greggs and opposite a new development of industrial units.

Description

The property comprises a securely fenced single storey office and industrial unit, set back from the road behind a large parking forecourt on a site of approximately 15,600 sq ft (1,449.28 sq m).

Tenure

Freehold.

Planning Authority

Newcastle City Council (0191 2787878) www.newcastle.gov.uk.

VAT

VAT is not applicable to this lot.

Energy Performance Certificate

For EPC Rating please see website.

Address Accommodation Tenant Lease Terms Rent £ pa
TOTAL £4,730
Scott House Site area 15,600 sq ft (1,449.28 sq m) Pattinson Scientific Services Ltd (1) 99 years from 01/09/1971 (55 years to reversion) £4,730
(1) The lease is subject to reviews in the 21st, 42nd and 63rd years. The 2013 review has not been actioned.

Contact

Seller's solicitor

Newcastle Legal Services

Danielle Hadden

0191 211 5161

danielle.hadden@newcastle.gov.uk

* Guide price

The guide price is an indication of the minimum price at which, or if a guide price range is given, within which, the seller is prepared to sell at the date of publication. The guide price is not an anticipated sale price or valuation. All prices quoted are subject to contract.

* Reserve price

The reserve price is the minimum price acceptable to the seller and the price below which the auctioneer cannot sell.

Both the guide and reserve may be subject to change up to and including the day of the auction. The guide price does not include either VAT which may apply to the sale or other amounts the seller may charge. The seller’s Special Conditions of Sale and addendum if any, will state whether there are other seller’s charges and whether the seller has elected to charge VAT on the sale price. On the fall of the hammer a buyer’s fee is payable of £990 inclusive of VAT.

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