lloyds court 52 – 60 grey street - cushman & wakefield€¦ · northern electric plc,...

LLOYDS COURT &

52 – 60 GREY STREET NEWCASTLE UPON TYNE NE1 6AH

LLOYDS COURT & 52 – 60 GREY STREET A TROPHY CITY CENTRE OFFICE

AND LEISURE INVESTMENT

INVESTMENT SUMMARY

A rare opportunity to acquire a substantial prime city centre office and leisure investment.

Located on Grey Street, at the heart of Newcastle’s traditional office core and prime leisure pitch.

Comprehensively redeveloped behind the existing Georgian façade providing flexible modern workspace

extending to 46,960 sq ft.

Grade II* listed, therefore benefitting from nil empty rates.

Passing rent of £1,012,679.60 per annum.

Let to a strong and diversified tenant line-up including Northern Electric PLC, Northern Recruitment Group, Nigel

Wright Consultancy Limited and Sir John Fitzgerald Limited.

Modest passing rental tone for what is the best office building on Grey Street.

Significant asset management potential through refurbishment, lease renewals and re-letting of vacant suite.

WAULT of 7.75 years to expiry and 6.90 years to break.

We have been instructed to seek offers in excess of £13,600,000 for our client’s freehold interest.

A purchase at this level reflects an attractive NIY of 6.98% and a capital value of £290 per sq ft after deducting

standard purchaser’s costs at 6.723%.

LLOYDS COURT & 52 – 60 GREY STREET

04

NEWCASTLE UPON TYNE

Newcastle upon Tyne is the commercial and administrative capital of the North East with a population of approximately 280,000 people (census 2011) extending to approximately

1.1 million people across the wider North Tyneside conurbation, making it the 7th largest in the UK.

Newcastle is the largest retailing, leisure and office centre in the North East and has an international draw as a business,

education and tourism centre. Major occupiers in the city include BSKYB, Sage Group, Barclays Bank and Npower.

Newcastle is also a major public-sector hub, not just for local and regional government, but also for national government

operations, most notably the Department for Work and Pensions and HM Revenue & Customs.

Home to two leading universities, Newcastle and Northumbria, the city attracts over 55,000 students annually from the UK and 136 countries around the world. Newcastle

University is a member of the prestigious Russell Group comprising the leading 24 universities in the country.

The city has an extensive primary catchment shopping population of 1.5 million people, and a booming license

and leisure market which has seen over 80 new bars and restaurants open in the last 4 years alone, serving some

2 million leisure visitors to the city each year.

05


0708

A1

M6

A69

A66

A1(M)

A1(M)

A1(M)

M6

M1

A19

M1

M1

M1

M40

M4

M11

YORK

ABERDEEN

CARLISLE

MANCHESTER

LIVERPOOLSHEFFIELD

BIRMINGHAM

BRISTOL LONDON

EDINBURGH

LEEDS

GLASGOW

CARDIFF

MIDDLESBROUGH

RailRoad

NEWCASTLE

LOCATION

Newcastle upon Tyne is situated approximately 286 miles north of London and 105 miles south of Edinburgh. The city is well connected to the wider national road network via the A1(M) and A19. Grey Street is well positioned within the city, with almost immediate access to the A167 central motorway, which connects the city centre to the main arterial routes north and south.

The city is a major transport hub and key stop on the East Coast mainline, with Newcastle having direct rail services to London Kings Cross in 2 hours 50 minutes and Edinburgh within 1 hour 30 minutes. Newcastle Central station is also the main interchange for the Tyne and Wear Metro, the rail network which runs throughout Tyneside. The Tyne and Wear Metro supports 60 stations throughout Tyne and Wear extending as far as Newcastle International Airport to the east, and Sunderland to the south east. The nearest Metro station to Lloyds Court and 52 – 60 Grey Street is Monument, a three-minute walk north.

Newcastle International Airport is situated 7 miles north west of the city centre and serves in excess of 4.8 million passengers annually to 80 destinations worldwide. The airport operates flights via 18 scheduled airlines including Emirates, British Airways, Air France, Easyjet and Flybe. Newcastle International is the leading airport in the North East benefitting from regular flights throughout the UK, European and international destinations.


ROADLondon - 286 miles

Edinburgh - 105 miles

RAILLondon - 2 hrs 50 mins

Edinburgh - 1 hr 30 mins

LLOYDS COURT &

52 – 60 GREY STREET

42-50Grey Street

WESTMORLAND ROAD

WESTGATE ROAD

CLAYTON ST

REET

GRA

ING

ER S

TREE

T

DIA

NA

STR

EET

CORPORATION ST

WELLINGTON STREET

PERC

Y ST

NORTHUM

BERLAND ST

MARKET ST

RICHARDSON ROAD

A167MCLAREMONT ROAD

Grey’sMonument

Haymarket

QUAYSIDE

ST

JAM

ES’ B

OUL

EVAR

D

NEWCASTLECITY CENTRE

Intu Eldon SquareShopping Centre

BARRACK ROAD

ScienceCentral

The StephensonQuarter

GREY STREET

CentreFor Life

NEVILLE STREET

BLACKETT STREET

TYNE

BRIDGE

GALLOWGATE

STO

WEL

L STR

EET

A167M

A16

7M

JOHN DO

BSON ST

Central Station

St James’ Park

PILGRIM

ST

Citygate

St James’ Gate

Central Square

Law Courts

WESTGATE ROAD

N

LLOYDS COURT &

52 – 60 GREY STREET

09


GREY STREET

Grey Street is widely regarded as one of the finest streets in Europe and forms part of the wider Grainger Town

development, which dates from the 1830’s. Grey Street has long been regarded as the heart of Newcastle’s traditional

office core, with many buildings having undergone extensive redevelopment behind the existing facades to

provide modern flexible office accommodation. The street remains popular with occupiers attracted by both the wide

range of amenities and excellent transport links.

Grey Street has evolved over recent years to become the prime upmarket leisure and dining scene for Newcastle

upon Tyne. Home to the iconic Theatre Royal, the street links the Quayside to the south, to Greys Monument and

Intu Eldon Square Shopping Centre to the north. The street is home to many popular restaurants and bars including

national multiples such as Zizzi’s, The Living Room and Browns, to local and reginal occupiers such as Bar Luga and Decantus. As the street has grown in popularity, the

area has seen a regeneration of side streets leading onto Grey Street such as Highbridge and Shakespeare Street, attracting international and local occupiers ranging from

Motel One, to local restaurants, bars and shops.


2

34

5

6

78

9

1 Lloyds Court & 52-60 Grey Street

2 Handelsbanken / Grant Thornton / Rathbone Brother PLC / Scott Wilson / Adecco UK

3 Go-Ahead Group PLC / LSH / Browns

4 IM Asset management / Manpower

5 NHS

6 Secretary of State / Regis

7 National Audit Office / Sir Robert McAlpine / Nathaniel Lichfield & Partners

8 The Arts Council / Jacksons Solicitors / Arup / Cushman & Wakefield / iProspect

9 Eversheds / DWF / PWC

10 Convergys / Crowne Plaza

11 Nexus

A Intu Eldon Square

B East Pilgrim Street Development

C Northumbria University

D Newcastle University

E RVI Hospital

F St James’ Park

G Downing Plaza H Newcastle Helix

I Centre for Life

J Stephenson Quarter

12 Ernst & Young LLP

13 Sky / DAC Beachcroft / Irwin Mitchell

14 Muckle LLP / Brewin Dolphin

15 Thompsons Solicitors / Tuspark

KEY BUILDINGS / TENANTS SCHEMES

11

12

151

10J

I

H G 1413

F

A

E

D

B

C

DESCRIPTION

The subject property comprises two adjoining assets, Lloyds Court and 52 – 60 Grey Street, which together,

form a substantial Grade II* listed office and leisure holding occupying a prime position on one of Europe’s finest streets. Both buildings were originally constructed in the 1830’s with each subsequently redeveloped behind the façade, 52 – 60

in the late 1990’s and Lloyds Court (62 - 78) in 2002. Both buildings feature imposing Grade II* listed sandstone façades

synonymous with Grey Street.

Lloyds Court comprises a five-storey mixed use building set over basement, ground and three upper floors. The offices are accessed via Grey Street into an impressive full height glazed

reception including a feature staircase and lift lobby. Each floor is fitted out to a Grade A specification including raised

access floors, suspended ceilings, dedicated security access to each suite, 2 x 8 person passenger lifts, W/C’s on each floor

and secure basement car parking for 16 cars. The ground floor comprises retail and leisure units each with dedicated

access. Las Iguanas have amalgamated and occupy two units under their lease at 64 – 74 and trade from both

basement and ground floor levels, whilst Sk:n occupy and trade from the ground floor of 76 Grey Street with

ancillary storage at basement level.

52 – 60 Grey Street comprises a five-storey mixed use building currently, arranged as a public house and office suite at

ground floor level and office accommodation on the three upper floors. Internally, the office accommodation is of a modern specification including raised floors and comfort

cooling, with dedicated access from Grey Street leading into a manned reception with lift lobby and 8 person passenger lift. The ground floor office accommodation, formerly a retail unit, has its own dedicated access onto Grey Street as well as benefitting from an internal access linking to both the building

reception, the main stairwell, fire escape and secondary access to the rear. The building benefits from 11 secure onsite

parking spaces accessed from the rear via Market Lane.


14

39.9m

35.7m

30.5m

LB

TCBsLB

SHAKESPEARE STREET

GREY

STREET

HIGH

BRID

GE

MARKET LANE

HIGH BRIDGE

MARKET STREET

Old Geo

rge Y

ard

4

14

59

Theatre Royal

24

to 51

59

55

8 to 12

2927

6

7

13

41 to

51

2

PH

19

Market Lane

George

(PH)

37

57

42 to 50

31 to

39

27 to

31

The O

ld

3

33 to

39

El

61 to

67

5

100

Bacchus(PH)

34 to 40

4

53

Hone

ypot

HouseBarclays

2 to 6

Hous

eHi

ghbr

idge

Cham

bers

Grey's Building

Royal House

Gainsborough

Alderman Fenwicks

Adelphi Chambers

ShakespeareHouse

NorfolkHouse

Earl GreyHouse

Stratford HouseBewickHouse

67 to 75

56

4244

8 to 12

25

20 to 30

23

46

192

46 48

38 40

80 to 96

1816

3032

ArtGallery

14

20

75 to

85

2

PH

Lady Grey's

(PH)

Ruin

Shelters

41

73

15 to

29

Hotel

Mtrec

House

36.0m

39.0m

Subway

TCB

TCB

Bell's Court

PILGRIM

WORSWICK STREET

STREET

16

98

130

68

85

28

112

60

92

128

87

2 to 12

91

97

70

82 to

8889

1

90

118

(PH)

100

1

WorswickChambers

Buildings

House

General

House YorkshireChambers

64 101

Kelburn House

9395

3

18 to 26

Shelter

24

76

60

6o

64

78

74

55

5658

2t

For identification purposes only

TENANCY SCHEDULE TENURE


Address TenantAreas (NIA) Lease Next Rent

ReviewPassing Rent per

annum (psf) [Zone A] CommentsDesc. Sq M Sq Ft Start Expiry (Break)

52 - 60 GREY STREET

52 - 60 Northern Recruitment Group

4th Floor – Storage3rd Floor - Office2nd Floor - Office1st Floor – OfficeGround Floor ReceptionGround Floor – Office/RetailSub-total

84.1381.7378.3162.8

13.466.7

1,087.0

9054,1094,0721,753

144718

11,701

31/10/2015 30/10/2020 - £195,000 (£13.64)

GF ITZA of 534 sq ftIncludes 11 parking spaces. Rental analysis assumes £65 Zone A rate on ground floor, £13.64 on floors 1-3, £5.00psf on 4th floor storage, half rate on reception and £1,750 per space for parking.

52 - 60 Sir John Fitzgerald LimitedGround Floor – Public HouseBasement - StorageSub-total

350.1165.2515.3

3,76717785,545

29/01/2010 28/01/2045 29/01/2020 £129,360(£29.62)

Rental analysis assumes £29.62 psf on ground floor and £10 psf on the basement.

Building Total 1,602.3 17,246 £324,360

LLOYDS COURT, GREY STREET

62 - 78 Rental Guarantee 3rd Floor - Office 694.1 7,471 Completion May 2020 - £155,000(£20.75) 18 month rent and SC guarantee.

62 - 78 Northern Electric Plc 2nd Floor - Office 745.1 8,020 07/04/2003 06/04/2018 - £171,770(£20.33)

Includes 5 parking spaces at £1,750 per space for rental analysis purposes. Tenant currently holding over and in dialogue regarding a new lease.

62 - 78 Nigel Wright Consultancy Limited 1st Floor - Office 743.7 8,005 23/05/2018 22/05/2028(23/05/2023) - £167,300

(£19.59)

Includes 6 parking spaces assumed at £1,750 per space for rental analysis purposes. New 10 year reversionary lease from 23rd May 2018 . TOB in year 5 subject to 6 months notice. 5 months rent free if break not triggered. Stipulated floor area at rent review of 8,041 sq ft.

62 - 78 Lasercare Clinics (Harrogate) LimitedGround Floor – RetailGround Floor – AncillaryBasementSub-total

54.917.30

37.8110.0

591186407

1,18411/08/2018 10/08/2027 11/08/2023 £42,500

[£77.18]

Recent lease renewal. 26 months at half rent to be topped-up by the vendor. Analysis reflects £77.18 psf ZA (487 sq ft), £10 psf on GF ancillary and £7.50 psf on basement.

62 - 78 Las Iguanas LimitedGround - RestaurantBasement – RestaurantSub-total

247.4220.2467.6

2,6642,3705,034

31/05/2011 30/05/2031 31/05/2021 £143,000(£40.00)

Rent achieved an uplift from £142,650 at February 2016 review. Rental analysis reflects £40psf for Ground floor £15.38 psf for basement.

62 - 78 Nigel Wright Consultancy Limited Parking spaces (5 no.) N/A N/A Rolling Rolling - £8,749.60Licence fee pf £729 per month which incorporates a mutual break option on 1 months’ notice. Spaces previously assigned to 3rd floor occupation.

62 - 78 Northern Electric Distribution Limited Sub Station N/A N/A 04/12/2002 03/12/2062 - Peppercorn

Building total 2,760.5 29,714 £688,319.60

Total 4,362.8 46,960 £1,012,679.60

Both properties are held Freehold. Full title information is available upon request.

The 2018 budget service charge reflects £1.40 psf for the retail and leisure accommodation and £8.76 psf for the Lloyds Court office accommodation (£5.90 psf excluding one off repairs to the chillers). The office accommodation at 52-60 Grey Street is excluded from the service charge as it is covered under the tenants FRI lease obligations.

Further information is available upon request.

SERVICE CHARGE

19


COVENANT

Sir John Fitzgerald LimitedCompany Number: 00214158

Sit John Fitzgerald is a Newcastle headquartered hospitality company with a portfolio of 20 pubs and restaurants through the North East. The company employs circa 500 employees.Company website: http://sjf.co.uk/

Las Iguanas LimitedCompany Number: 02479566

Las Iguanas Limited is part of the Casual Dining Group, one of the UK’s largest dining companies with 300 restaurants UK wide. Las Iguanas founded its first restaurant in Bristol in 1991 and now operates from 53 restaurants throughout the UK serving South American cuisine. As of 2017, Las Iguanas Limited employs approximately 1,619 people. Company website: https://www.iguanas.co.uk/

Northern Recruitment Group LimitedCompany Number: 01756216

Northern Recruitment Group is a Newcastle based recruitment and human resources firm which was incorporated in 1983. NRG have over 40 years’ experience in traditional recruitment alongside providing HR consultancy services, workforce management and project management of workforce recruitment and employs 85 members of staff. Company website: https://www.nrgplc.com/

31/01/2017 31/01/2016 31/01/2015

Turnover £18,272,500 £18,212,000 £18,379,300

Pre Tax Profit £215,500 £226,500 £603,700

Shareholders Funds £21,675,300 £21,635,300 £21,518,200

28/05/2017 29/05/2016 28/05/2015

Turnover £76,143,000 £75,899,000 £53,421,000

Pre Tax Profit £984,000 (£279,000) £3,636,000


31/12/2016 31/12/2015 31/12/2015

Turnover 25,753,000 £24,269,000 £22,716,000

Pre Tax Profit £857,000 £703,000 £165,000


Lasercare Clinics (Harrogate) LimitedCompany Number: 02545572

Lasercare Clinics trading as Sk:n Clinics is the UK’s leading skincare specialist having treated nearly 2 million customers from their 49 clinics UK wide. Sk:n provides treatments ranging from Laser hair removal, dermatology, hair transplants, anti-aging injections and fillers and tattoo removal administrated by doctors, dermatologists, nurses and trained skin practitioners. As of 2017, Lasercare Clinics employ over 500 employees. Company website: https://www.sknclinics.co.uk/

Nigel Wright Consultancy LimitedCompany Number: 03729582

Nigel Wright Group is a leading specialist recruitment agency in the North East specialising in consumer sector & FMGC recruitment. Nigel Wright operates from 13 offices throughout Europe employing 69 people. Company website: https://www.nigelwright.com/

Northern Electric PlcCompany Number: 02366942

More commonly referred to as Northern Powergrid, Northern Electric ensure electricity for 8 million people throughout the North East and Yorkshire. Northern Powergrid’s network extends to 3.9 million homes, through 63,000 substations with 60,000 miles of over ground cables. The company employs circa 1,300 during 2017. Company website: http://www.northernpowergrid.com/

31/08/2017 31/08/2016 31/01/2015

Turnover £29,254,500 £26,634,000 £22,172,000

Pre Tax Profit £4,404,000 (£1,875,000) £2,343,000


30/04/2017 30/04/2016 30/04/2015

Turnover £4,401,000 £4,658,000 £5,066,000

Pre Tax Profit £223,000 £487,000 £587,000


31/12/2017 31/12/2016 31/12/2015

Turnover £403,441,000 £384,867,000 £386,388,000

Pre Tax Profit £140,243,000 £143,918,000 £162,056,000

Shareholders Funds £1,111,763,000 £974,800,000 £1,008,569,000

20

21

RentsNewcastle city centre has seen a notable increase in the headline rental tone over the past 18 months, having spent approximately 10 years at £21.50 per sq ft.

Headline rents have risen to £23.50 per sq ft and landlords are now set to push this on further with several deals in solicitor’s hands which will establish between £24 and £25 in 2018.

We set out below a schedule of recent lettings:

Smaller transactions drove leasing activity increasing the volume of deals with 43 transactions completing so far in 2018,, a notable upturn on the 41 completed throughout 2017 in its entirety.

“Despite the recent growth in headline rents in the city centre, Newcastle remains excellent value for grade A offices in comparison to other regional markets.”


MARKET COMMENTARY

Date Address Grade Tenant Size (sq ft) Headline rent (psf)

Q2 18 Part 2nd Floor, Central Square South A DWF 7,456 £23.50

Q2 18 Part 3rd Floor, 71 Grey Street A Royal IHC 6,745 £19.50

Q4 17 Part 3rd Floor, Central Square South A HSBC 4,562 £23.50

Q3 17 1st Floor, Quayside House A NRFB LLP 6,950 £21.50

Occupational Supply

Take up

The city centre has seen no new stock delivered since The Rocket and Live Works completed in 2016. Both buildings let in their entirety within 3 and 6 months respectively.

Despite a severe shortage of new development, Newcastle has seen delivery of three key refurbishments in the last eighteen months at Earl Grey House, Central Square South and 71 Grey Street all of which have seen strong demand and let well. Earl Grey House now has just under 4,000 sq ft remaining, Central Square South has seen 27,400 sq ft taken up since Q1 2018 whilst 71 Grey Street is approximately 60% pre- let, with works not due to complete until later this year.

With take up levels rebounding in Q1 2018,

Newcastle city centre has circa 125,000 sq ft of grade A accommodation remaining, equating to just over a year’s supply based on three year average take up (grade A only).

Newcastle’s development pipeline remains highly restricted with only one new development underway at Newcastle Helix. L&G’s The Lumen is expected to complete in Q4 2019 and will deliver 108,000 sq ft of grade A accommodation to the north of the city. L&G are contracted to deliver a second building, The Spark, however this will only commence upon 60% occupancy of the Lumen.

The development pipeline is highly restricted with not a single new building deliverable until Q4 2019.

City centre take up has averaged 215,869 sq ft per annum over the last 3 years and saw a revival during Q1 - 3 2018, totaling 200,877 sq ft, up 43% on the same period in 2017. Grade A take up in particular has seen a strong rebound, with Q2 2018 outstripping the 4 preceding quarters. The positive figures can be largely attributed to the delivery of circa 82,500 sq ft of refurbished grade A accommodation throughout 2017 and 2018, of which nearly 60% has been let.

Building Locality Availability (sq ft) Quoting Rent (psf)

Central Square South Stephenson Quarter 22,420 £25.00

Time Central Gallowgate 8,188 £24.00

Wellbar Central Gallowgate 5,853 £24.00

Lloyd’s Court Grey Street 7,410 £21.00

Stockbridge House Quayside 24,586 £20.00

One Trinity Gardens Quayside 35,733 (28,366 via assignment) £22.00

Earl Grey House Grey Street 3,988 £23.00

2 St James’ Gate St James’ Boulevard 8,131 £19.00 (assignment)

71 Grey Street Grey Street 7,253 £21.50

Total 125,009

Supply remains restricted within Newcastle city centre with Grade A (broad definition) availability as follows:

Quarterly take-up by grade (sq ft)120,000

100,000

80,000

60,000

40,000

20,000

0

Q1

2014

Q2

2014

Q3

2014

Q4

2014

Q1

2015

Q2

2015

Q3

2015

Q4

2015

Q1

2016

Q2

2016

Q3

2016

Q4

2016

Q1

2017

Q2

2017

Q3

2017

Q4

2017

Q1

2018

Q2

2018

Q3

2018

Grade A Grade B

Regional grade A office rental growth - 2016 - 2018

Manchester Leeds Glasgow Newcastle

35.00

30.00

25.00

20.00

15.00

70

53

35

18

0

2016 2018 Expected 2018 - 2019

Current take-up levels reflect just over 12 months* supply of grade A. At present, there are only two buildings in the city centre that could accommodate a major requirement in excess of 25,000 sq ft, and any larger requirements would need to be met by a pre let.

Take-up sq ft v number of transactions

2014 2015 2016 2017 Q1-3 2018

5,000

10,000

15,000

20,000

25,000

30,000

0

10

20

30

40

50

60

70

0

Sq Ft Number of transactions

* Based on 3 year average take up.


Asset Management Initiatives- Explore potential lease re-gear or extension with Northern Recruitment Group.- Take back part of whole of 52-60 Grey Street, and either sell separately to owner occupiers or refurbish

and significantly move forward rental tone.- Convert ground floor office space of 52-60 Grey Street back to retail/leisure unit and potentially link

into building reception.- Progress the ongoing lease renewal with Northern Electric and establish new rental tone for what

is considered the best suite in Lloyds Court.- Explore removal of the break option with Nigel Wright.- Consider light refurbishment of the common areas of Lloyds Court to support both letting and rental

growth prospects.- Instigate upcoming rent review on Fitzgerald’s which is passing off a low £29.62 psf ground floor rate.

INVESTMENT

Address Key Tenants Date Price (yield)

Cap val (psf) Comments

Rotterdam House, Quayside Regus Apr 18 £10.10m

(6.45%) £283 Grade A-. WAULT of 5.92 to expiry.

St Nicholas Building, Newcastle

Frank Recruitment, Randstad Mar 18 £19.3m

(6.01%) £300 Grade A-. Off market deal

Keel Row House, Quayside, Ward Hadaway Aug 17 £8.855m

(5.57%) £372Grade A. Single let with 13.5 years remaining. RPI linked reviews

2 St James’ Gate, Newcastle

Eldon Insurance, UBS, Serco, WYG Jul 17 £20.0m

(7.92%) £204 Grade A. WAULT of 5.8 years to expiry.

Sandgate House, Quayside Ward Hadaway Dec 16 £10.75m

(5.88%) £353 A-. Single let with 15 years unexpired.

Quayside House, Newcastle

KPMG, Clydesdale Bank, Jul 16 £11.25m

(6.90%) £267 Grade A, Off market

Newcastle University Business School

Newcastle University June 16 £60.0m

3.47%) £600Grade A. 30 years unexpired, RPI linked reviews.

The North East investment market continues to perform, remaining popular with investors due to the comparatively attractive yields on offer in comparison to London and the south.

We set out below a schedule of recent investment transactions in Newcastle upon Tyne.

EPC VAT

All EPC’s and recommendation reports are available upon request.

The property has been elected for VAT and therefore it is anticipated the sale will be treated as TOGC.

23

24

We are instructed to seek offers in excess of £13,600,000

reflecting a NIY of 6.98% after purchaser’s costs of 6.723%.

A purchase at this level reflects a capital value of £290 per sq ft.


PROPOSAL

LOCATED ON GREY STREET, AT THE HEART OF NEWCASTLE’S TRADITIONAL OFFICE

CORE AND PRIME LEISURE PITCH

CONTACTS

Peter Atkinson T: 0191 223 5715 M: 07718 251 493

E: [email protected]

Katy Blair T: 0191 223 5752 M: 07885 258 201


Richard Turner T: 0191 223 5720 M: 07747 008 415


Gagan Jagpal T: 0191 223 5709 M: 07702 681 760


Cushman & Wakefield hereby give notice that the information provided in this brochure is provided on the following conditions: (1) The particulars are set out as a general outline only, for the guidance of intending purchasers and/or lessees and do not constitute an offer or contract, or part of an offer or contract. (2) All descriptions, dimensions and references to this property’s condition and any necessary permission for use and occupation, and any other relevant details, are given in good faith and are believed to be correct. However, any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves of their correctness by inspection or otherwise. (3) No person in the employment of Cushman & Wakefield, or any joint agents, has any authority to make or give any representation or warranty whatsoever in relation to the property or properties in this brochure. (4) All prices quoted are exclusive of VAT. (5) Cushman & Wakefield shall have no liability whatsoever in relation to any documents contained within the brochure or any elements of the brochure which were prepared solely by third parties, and not by Cushman & Wakefield. Subject to Contract and Exclusive of VAT. October 2018.

Designed & produced by www.creativestreakdesign.co.uk Ref-1328

lloyds court 52 – 60 grey street - cushman & wakefield€¦ · northern electric plc,...

Documents