Office for sale

Investment For Sale Kirtley & Co, 73, Gilkes Street, Middlesbrough TS1

The property is situated on Gilkes Street adjacent to Newport Road at the junction with the B1272 Hartington Road. This is a busy road intersection linking the edge of town centre to the A66. Situated within walking distance (100 metres) of the town centre, the property has the benefit of good local parking and amenities close by. Nearby occupiers include Aldi, Sainsburys and Specsavers. The property is near the main taxi rank and Bus Interchange.
Investment summary


• Business Centre Investment
• Freehold
• 47 Suites with 3,133 sq ft wing unused
• Central Middlesbrough Town Centre Location
• 70% occupancy currently
• Generating Gross Revenue (June 26) £78,000 pax with potential to increase to c£150,000 on new lettings
• Pre-App planning consultation for conversion to 40 studio apartments ranging in size from 16-32m2
• Offers in the region of £595,000(Five Hundred & Ninety-Five Thousand Pounds) exclusive, Subject to Contract
• Gross returns of 12.% allowing for standard purchasers’ costs at 5.04%
• Low capital value of £48.62 psf

The premises comprise of a 3-storey property under a pitched tiled roof. The property is serviced at the rear into a central service yard which also provide a light well for all elevations of the property. Gas Central heating.
Planning

The property is currently E class use under the Use Classes Order. It could be suitable for a variety of uses in the future, subject to planning. Pre-App planning consultation for conversion to 40 studio apartments ranging in size from 16-32m2
Legal fees

Each party is to be responsible for their own legal fees incurred with any transaction.
VAT

Any references to price, premium or rent are deemed to be exclusive of Value Added Tax unless expressly stated otherwise and any offer received will be deemed to be exclusive of VAT.
Energy performance certificate

The Energy Performance Asset Rating is being assessed. A full copy of the EPC will be available for inspection.
Price

Offers in the region of £595,000 (Five Hundred & Ninety-Five Thousand Pounds) exclusive, Subject to Contract. Gross returns of 12.5% allowing for standard purchasers’ costs at 5.04%. Low capital value of £48.62 psf.
Money laundering

In accordance with the Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.

Accommodation:
Ground floor: 4,773.00 sqft
First floor: 3,113.00 sqft
Second floor: 4,332.00 sqft
Total: 12,218.00 sqft