12A Cobalt Business Park heads to auction with £2m+ guide price
The 56,000 sq ft grade A office block in North Tyneside will go under the hammer on 17 June.
Located around six miles north-east of Newcastle city centre, the property sits within Cobalt Business Park, one of the UK’s largest business parks and home to a range of major occupiers including Accenture, EE, HP, Sage Group, and North Tyneside Council.
The park offers a range of amenities, including the CobaltCentral retail hub, a Busy Bees nursery and the Village Hotel Newcastle, while connectivity is provided via the A19, linking to the A1(M), the Tyne Tunnel and the wider North East road network.
Northumberland Park Metro station is also nearby, offering services to Newcastle city centre, the coast and Newcastle International Airport.
LSH Property is marketing the four-storey vacant building, with the option of a six-week completion period.
Although the office accommodation is vacant, the property generates an income stream from a parking arrangement: A licence covering 100 of the office’s 254 parking spaces is currently let to the NHS at a rent of £96,000 per year, an agreement that is expected to continue.
The auction follows swiftly after the acquisition of nearby Cobalt 9 by Northumbria Police, a deal that was also brokered by LSH.
Constructed with a steel frame, the building provides grade A office space arranged around a full-height atrium reception, with open-plan floorplates of around 14,036 sq ft on each level.
The tech includes air conditioning, raised access floors, LED lighting, floor-to-ceiling heights of approximately three metres, and lift access throughout. The park was developed by Highbridge Business Park in 1997 and the property is held on a leasehold basis.
