Narvik Way - Tyne Tunnel Estate, North Shields, TWR

The property comprises a large industrial warehouse unit of steel portal frame construction, with profile metal cladding and translucent roof panels. The property was originally configured as two separate units but has been recently refurbished to form a large warehouse of around 11,819 sq ft.
The property is located on the corner of Narvik Way and Bergen Close within the Tyne Tunnel Trading Estate. The Estate lies adjacent to the Tyne Tunnel Approach Road (A19) and A1058 Coast Road.

Sale Notes:
The investment opportunity comprises a detached industrial warehouse which has been refurbished by the current tenant. The lease has a further 12 years unexpired term with an RPI linked rent review due in 2014.
Offers for the long leasehold interest are sought in the region of £430,000, which would reflect a net initial yield of 10% and a reversionary yield of 12.2% after the 2014 rent review.
The property is let to North East Brewing Company (trading as Mordue Brewery) by way of a 15 year full repairing and insuring lease at a current passing rent of £45,000 per annum exclusive. The lease is subject to 5 yearly upward only rent reviews in line with the retail prices index (RPI), the next review therefore being due in November 2014.