A large South Shields office block is set to stir lots of interest after being put up for sale, according to experts.
South Tyneside House, which is adjacent to South Shields Town Hall, in Westoe Road, has a guide price of £595,000.
We expect there will be a high level of interest.Simon Taylor
Commercial property consultants, Naylors, have been appointed to sell the four-storey building - which offers over 18,000sqft of open plan office accommodation - on behalf of the current owners, Seapoint Capital, a London-based investment company.
Naylors’ head of office agency, Simon Taylor says the property offers excellent development potential.
He said: “This is an excellent development opportunity for a potential alternative use such as residential, retail or leisure, however it would also make a fantastic office headquarters for an owner occupier.
“The steel portal frame construction and high level of glazing gives the building fantastic flexibility and a number of options for whoever buys it.
“Given that it is a town centre building with good access to amenities and public transport we expect that there will be a high level of interest.”
The first floor of the property is currently let to Ingeus until March 2017 and, along with two telephone masts on the roof, the building currently produces an annual rental income of £55,000.
Mr Taylor added: “The central core of the building has recently been refurbished and offers toilets on each floor together with a passenger lift.
“The first floor office has been fully fitted out for the current tenant and incorporates raised access floor, suspended ceiling and comfort cooling.”
For more information, visit www.naylors.co.uk.