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East St
Gateshead NE8 3AA
Sports & Entertainment Property For Sale
·
33,945 SF
Investment Highlights
- Strong 10-year reversionary lease to a nationally recognised covenant (D&B 1A1, Equivalent Bond BBB+).
- Prime regeneration location adjacent to £350m Gateshead Quays development including proposed 12,500-seat arena.
- Attractive 10.01% NIY and low capital value of £94 psf.
Executive Summary
The property comprises a substantial, purpose-built bingo hall situated on a highly prominent 2.97-acre freehold site within the heart of the Gateshead Quays and Baltic Quarter regeneration district. Fully let to Mecca Bingo Limited—who have occupied the site since 1995—the asset benefits from a newly agreed 10-year reversionary lease from September 2026 at an increased rent of £340,000 per annum, offering an attractive 10.6-year term to expiry and strong covenant security. The site’s exceptionally low 26% site cover, extensive parking provision for approximately 225 vehicles, and its strategic position adjacent to the £350m Gateshead Quays regeneration scheme provide significant long-term value and redevelopment potential. Investors are invited to submit offers in excess of £3,190,000, reflecting a compelling 10.01% net initial yield and a low capital value of £94 psf.
Property Facts
| Sale Type | Investment | Lot Size | 2.98 AC |
| Cap Rate | 10.01% | Building Size | 33,945 SF |
| Tenure | Freehold | No. Stories | 2 |
| Property Type | Sports & Entertainment | Year Built | 1990 |
| Property Subtype | Casino | Tenancy | Single |
| Building Class | B | Parking Ratio | 1.62/1,000 SF |
| Sale Type | Investment |
| Cap Rate | 10.01% |
| Tenure | Freehold |
| Property Type | Sports & Entertainment |
| Property Subtype | Casino |
| Building Class | B |
| Lot Size | 2.98 AC |
| Building Size | 33,945 SF |
| No. Stories | 2 |
| Year Built | 1990 |
| Tenancy | Single |
| Parking Ratio | 1.62/1,000 SF |
Amenities
- Energy Performance Rating - C
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