76 Colbourne Avenue, Cramlington, NE23 1WB

Investment Sold

Richard Wright

  • Modern industrial warehouse extending to 29,460 sq ft
  • Situated within the established industrial location of Nelson Park Industrial Estate in Cramlington, located within close proximity to Newcastle
  • The site extends to approximately 1.86 acres (0.75 ha) providing a low site density of approximately 35%
  • Let to Coveris Flexibles UK Limited (Low risk Creditsafe rating) following the recent completion of a new FRI lease for a term of 15 years with a tenant option to break at the 10th anniversary
  • The passing rent is £137,290 per annum equating to a low rent per sq ft of £4.66 psf
  • The lease is subject to 5 yearly uncapped RPI rent reviews
  • Long leasehold with approximately 108 years unexpired at a peppercorn rent
  • We are instructed to seek offers in excess of £1,850,000 (One Million, Eight Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 7.00% and a capital value of £63 per sq ft assuming purchaser’s costs of 6.22%

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