- Purpose built leisure investment located in the heart of a key regional regeneration area at the entry point to Newcastle-Gateshead Quayside.
- Highly prominent site with dual frontage and extending to approximately 2.97 acres, providing a low site cover of 26% with car parking provision for up to approximately 225 vehicles.
- 33,944 sq. ft. bingo hall arranged over predominantly ground floor with a small first ancillary provision.
- Located within the Gateshead Quays and Baltic Quarter regeneration district, already home to The Glasshouse International Centre for Music and The Baltic Centre for Contemporary Art, with plans for the next £250m phase of development to incorporate a 12,500 seat entertainment arena, in addition to hotels, restaurants and extensive public realm.
- Fully let to Mecca Bingo Limited, with a new reversionary 10 year lease agreed from 29th September 2026 until 28th September 2036 with 5th year tenants option to break providing an attractive 10.6 years to expiry and 5.6 years to break.
- Mecca Bingo Limited is a leading British operator of bingo clubs, with over 70 locations throughout the country reporting a 2025 turnover of £139m.
- Mecca Bingo have occupied the site since it was built in 1995 and have demonstrated their commitment to the location with the recently completed reversionary lease at an increased rent.
- Significant future redevelopment potential in line with the wider Gateshead Quays district.
- Modest passing rent of £340,000 per annum (£10.02 psf)
- Tenant benefits from significant supplementary carparking income making the contracted rent extremely affordable.
- Freehold.
Offers are invited in excess of £3,190,000, exclusive of VAT and subject to contract. A purchase at this level reflects a Net Initial Yield of 10.01% assuming standard purchaser’s costs of 6.47% and a low Capital Value of £94 psf.