• Prime office, leisure and retailing location.
• Freehold.
• Landmark Grade II and Grade II* Listed buildings.
• Comprises two separate but adjoining buildings.
• Both properties have been substantially refurbished and comprise retail units on the ground floor, with good quality office accommodation above, a bar/nightclub at basement level and a 45 space car park to the rear.
• Income secure on a range of top quality tenants.
• £1,756,693 pa (circa 30% of the income is secure by Barclays whom have requested regear discussions to commence)
• Good quality office accommodation with on site car parking.
• Potential for future redevelopment to substantially increase site density.
• A wide range of asset management and refurbishment opportunities.
• PP - £20.75m - 8% NIY.

location

              Newcastle upon Tyne is located 280 miles north of London and 109 miles south of Edinburgh. The city is the regional capital of the North                                      East of England, with a population of approximately 273,000 people (2001 Census). It forms part of the Tyneside conurbation, which with a                     pulation of in excess of 1 million people, is the seventh largest in the UK.

                 The city is the largest office centre in the region attracting occupiers including The Sage Group Plc, Proctor & Gamble, BA, Orange, AA,                     GE Capital and Eaga Plc and has a total office stock in excess of 11 million sq ft with a low void rate.

                   Large scale regeneration projects have boosted the profile of the city over the last decade and have had a knock-on effect in terms of                                    attracting inward investment, occupiers and investors to the city. This has included the recent development of Newcastle Quayside,  the             Millennium Bridge, the Baltic Centre for Contemporary Art and the Sage Music Centre.

    The City Council are keen to progress plans to make the city a centre for science and technology. To this end the ‘Science City’ scheme  on the former Scottish & Newcastle Brewery site in the city centre will include up to 1,000,000 sq ft of space to house leading-edge scientific  research, teaching and     business facilities. This forms part of a £250 million proposal to regenerate the city’s western fringe, which has the potential to be one of the largest inner-city regeneration projects inthe UK.

The property comprises two separate but adjacent buildings dating from 1837, Barclays House is Grade II* listed, whilst Earl Grey House is Grade II listed.

               Both properties have been substantially refurbished and partially redeveloped over the years and comprise retail units on the ground floor,                with  good quality office accommodation above, a bar/nightclub at basement level and a 45-space (1:1320 sq ft) car park to the rear.

               The extension and car park to the rear of Barclays House are a rather inefficient use of the site. Potential therefore exists for a redevelopment               which could add considerably to the floor area.

             The properties are of a mix of constructions with modern, steel framed extensions to the rear, whilst the front elevations are of dressed sandstone    under pitched, Welsh slate roofs.

                 Earl Grey House has had an impressive, contemporary common parts and toilets refurbishment, which has been extended to the suites as they       have become vacant. Refurbished suites have raised access flooring, metal ceiling tiles and comfort cooling.

              The older suites have perimeter trunking. The retail units provide good quality, mainly well-proportioned trading space with extensive frontages           onto Grey Street and Market Street.

substantially refurbished to a high standard