Office - Investment - Cobalt 13a, Cobalt Park, - Newcastle Upon Tyne
- Cobalt is the largest office park in the UK comprising 1.618m sq ft of modern accommodation
- Let to the very strong tenant covenants of Det Norske Veritas GL Limited and Balfour Beatty Group Limited
- Annual rent of £445,661 reflecting £16.25 psf and £19.30 psf on the Balfour Beatty space
- Excellent car parking provision of 1:239 sq ft
- EPC rating of C:65 and a BREEAM rating of 'very good'
Cobalt 13a is a modern three storey office building providing 2,824.7 sq m (30,406 sq ft). The property was constructed in 2007 and provides highly specified office accommodation arranged around a centrally located core, allowing flexibility to split each floor into two wings of approximately 454 sq m (5,000 sq ft) each.
The property's specification includes:
- Double height reception and atrium
- Four 13 person passenger lifts
- VRF air conditioning
- 3m clear floor to ceiling height
- LG7 lighting
- BREEAM 'very good' rating
- 127 dedicated car parking spaces providing a ratio of 1:239 sq ft
- EPC rating of C:65
Cobalt Park is situated on the junction of the A19 and the A1058 Coast Road approximately 10 minutes east of Newcastle City Centre.
Cobalt 13a is located at the heart of the Park, close to Cobalt Central the main retail parade for the scheme.
The park benefits from excellent transport links, with shuttle bus services providing frequent and rapid access to the Tyne and Wear Metro System, the second largest Metro system in the UK after the London Underground. 458 buses pass through the Park daily, which allows 40% of the 14,000 workforce on the park to commute by public transport.
The local Metro station, Northumberland Park, has frequent trains to Newcastle City Centre in approximately 20 minutes, and provides access to Newcastle International Airport in approximately 45 minutes.
Amenities on the Park include a Tesco convenience store, Greggs, Quiznos, Chisholm Bookmakers and a Busy Bees day nursery, whilst Silverlink Retail Park provides an excellent retail and leisure offering, including an Odeon Cinema, M&S, Next, Currys, Frankie & Benny's and Pizza Hut. A Village Hotel together with Spa and Gym is located at the northern entrance to Cobalt Park.
Offers in excess of £3,800,000 reflecting a net initial yield of 11.00% and a capital value of £125 psf, assuming standard purchasers' costs of 6.27%.