Development land for sale - Centre North East, Albert Road, Middlesbrough, TS1 2RU

<strong>Description</strong><br>Centre North East comprises a purpose built seventeen storey former office building with basement, ground and mezzanine floor accommodation offered over to leisure and retail use.<br /> <br /> The building is of steel frame construction with concrete floors and composite panel and glazed cladding.<br /> <br /> There is car park deck at second floor level, providing space for 43 cars, which separates the basement to first floors from the third to 17th floors and is accessed via the multi storey car park servicing the adjacent shopping centre. The upper section of the building can therefore be self-contained with an opportunity to dedicate the main lift core to these floors in isolation of the basement, ground and first floors.<br /> <br /> The first floor comprises a large podium floor of 1,323.86 sq m (14,250 sq ft) which is capable of subdivision to create smaller suites as required, and following reinstatement of landlords CAT A fit out.<br /> <br /> The third to 17th floors have been decommissioned and are un-refurbished, creating an opportunity to commence conversion works in line with the outline planning consent straight away.<br><br><strong>Investment Summary</strong><br>An opportunity to acquire a landmark income producing development opportunity at the heart of Middlesbrough Town Centre, well located on<br /> Albert Road. This prime location offers unparalleled convenience and access to a wide range of amenities.<br /> <br /> Comprising a mixed use building arranged over basement, ground and 17 upper floors, Centre North East offers a total of 12,074 sq m (129,973<br /> sq ft), of which 8,946 sq m (96,297 sq ft) has outline planning consent for residential conversion.<br /> <br /> The basement and ground floors are multi let to three established leisure occupiers, together with specialist retail on the mezzanine floor. There is an<br /> opportunity to generate further income from the first floor podium office suite of 1,323.86 sq m (14,250 sq ft).<br /> <br /> The building produces a current gross income of £180,570 per annum from four occupying tenants, offering a WAULT of 7.63 years to earliest<br /> determination and 8.39 years to lease expiry.<br /> <br /> Outline consent has been granted for conversion of the 3rd to 17th floors for residential use, with capacity for up to 238 residential units, creating<br /> an opportunity to add significant value either through market sale or private rented accommodation.<br><br>