Home > Auctions > 24 November 2026 24 November 2026 - 9:00am > Lot 496

24 November 2026: Tuesday 24 November 2026 - 9:00am
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    Key features

    • Prominent Leasehold Office Investment
    • Well located within the Cobalt Business Park
    • Entirely let to Procter & Gamble expiring April 2027
    • Arranged over 98,343 sq ft with 415 car park spaces
    • Maybe suitable for alternative uses/ redevelopment STP
    • Investment let at £1,250,365 p.a. (62.52% GIY on Guide Price)

    Description

    Cobalt 12 comprises a substantial four-storey modern office building arranged over ground and three upper floors, extending to approximately 98,343 sq ft (9,136 sq m) NIA. Constructed in 2001, the property is of steel-frame construction with a combination of composite-clad and brick elevations and a feature glazed curtain wall to the eastern elevation. The accommodation is arranged around a central core, with largely open-plan floorplates configured as two wings, providing flexibility for potential subdivision on a floor-by-floor or wing-by-wing basis. The property occupies a site of approximately 5 acres and benefits from 415 on-site car parking spaces, providing an excellent ratio of approximately 1:237 sq ft.

    Additional information

    Tenure

    Leasehold. Held by way of two leases for a term of 125 years (less 8 days) from 29 March 1996 (thus having approximately 95 years unexpired). The two leases relate to plot 12 and the car park respectively. The lease over plot 12 is subject to a £30 per annum ground rent and the lease over the car park is subject to a peppercorn ground rent.

    Accommodation

    Ground Floor - 2,369.45 sq m (25,505 sq ft)

    First Floor - 2,271.89 sq m (24,455 sq ft)

    Second Floor - 2,270,.82 sq m (24,443 sq ft)

    Third Floor - 2,224.08 sq m (23,940 sq ft)

    Total - 9,136.24 sq m (98,343 sq ft)

    Tenancy

    Let to Procter & Gamble Technical Centres Limited on two co-terminus leases expiring 18th April 2027 at a current annual rent of £1,250,356 per annum.


    For the year ended June 2025 Procter & Gamble Technical Centres Limited reported·       

    D&B Rating: 5A 2       

    Turnover: £213,823,000      

    Pre-tax profit: £13,998,000       

    Shareholders Funds: £349,214,000

    (Source: Incans 12/10/2026)

    Planning

    Subject to obtaining all necessary planning and other statutory consents, the property may offer potential for alternative uses. Interested parties are advised to make their own enquiries of the Local Planning Authority.

    Local Planning Authority: North Tyneside Council.

    Website: North Tyneside Council Planning

    Rent

    £1,250,365 per annum

    Notes

    Please note the areas provided are approximate. The photos and any drawings are for illustrative purposes only and may not reflect the exact boundary of the property. The property has not been internally inspected by Savills. Prospective purchasers must rely upon their own enquiries in this regard. Please refer to the legal pack.


    Additional charges and fees might be charged by the seller and/or other third parties. You are strongly advised to read the Special Conditions of Sale for the Lot prior to bidding to check for any additional charges and fees.

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        Local information

        Cobalt 12 is situated within Cobalt Business Park, approximately 6 miles (10 km) east of Newcastle upon Tyne. Cobalt Business Park is a major out-of-town office location extending to approximately 175 acres and providing around 1.68 million sq ft of Grade A office accommodation, alongside a range of on-site amenities. The property is positioned close to the A19, providing convenient access to Newcastle city centre and the wider North East road network.

        Transport

        Road

        The property benefits from convenient access to the A19, one of the principal arterial routes through the North East. Newcastle city centre is accessible via the A1058 Coast Road.

        Rail

        Newcastle Central Station is situated on the East Coast Main Line, with direct services to destinations across the UK. The particulars state journey times of approximately 2 hours 40 minutes to London King’s Cross and 1 hour 20 minutes to Edinburgh.

        Metro

        Northumberland Park Metro station is approximately a 20-minute walk or 5-minute bus journey from Cobalt 12. Percy Main Metro station is approximately a 9-minute bus journey from the business park.

        Bus

        Bus routes 309 and 310 connect Cobalt Business Park with Newcastle city centre and Blyth, with further public transport connections to surrounding areas. The particulars state that scheduled buses operate from the park approximately every 7 minutes.

        Air

        Newcastle International Airport is approximately 14 miles from Newcastle city centre and is accessible by road and via the Tyne and Wear Metro network.

        Legal documents

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        EPC rating

        If no EPC rating appears please refer to the legal pack.

        Guide prices and common auction conditions

        •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

        •The reserve price is the minimum price at which the property can be sold.

        •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

        •Some properties might be open to offers prior to auction. Exchange will take place, subject to contract and no higher offers, on auction terms and as per the legal pack. Please contact the auctioneer with your best and final offer, their details can be found on each lot page.

        •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

        Please note that all prices listed, whether prior to or post auction, are subject to contract.

        The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

        The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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