Albion House Business Centre West Percy Street, Tyne and Wear, NE29 0DW

LOCATION

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. There is potential to upon up further pedestrian access points off Sidney 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.

DESCRIPTION

The buildings have dual pitch tiled roofs and the majority have wooden sash windows. They are arranged as a mix of self contained offices (with own dedicated entrance, WC and kitchen facilities) and studio space with communal facilities.

TENANCIES

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. Customers are liable for their own business rates and electricity (recharged based on actual usage). Licence agreements are all on rolling 3 month periods with mutual options to determine. A further 7,320 sq.ft is currently available to let (suites starting from as low as 140 sq.ft) which will considerably improve the net operating income.

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 and maintenance. The Net Operating Income is £87.614 per annum. This excludes staff costs and functions run centrally by BizSpace (including marketing, debt collection). The centre manager is not based on site but manages a cluster of sites. More information can be provided upon request. An up to date tenancy schedule is also available upon request.

POTENTIAL ALTERNATIVE USES

We consider that the current use could be retained and the 'offering' improved to drive greater take-up and increase the Net Operating Income.

The property may also lend itself to either residential conversion or comprehensive demolition and redevelopment subject to planning permission. North Tyneside Council's adopted Local Plan specifically identifies Albion House as a viable housing site which would assist in delivering the overall housing requirements for the Borough (Policy S4.3). Interested parties are advised to make their own enquiries in this regard.