Summary - Centre North East, Albert Road, Middlesbrough, TS1 2RU TS1 2RU
1 bed 1 bath Commercial Development
Large freehold with planning consent for high-density residential conversion.
Outline consent for up to 238 residential units (3rd–17th floors)
Existing gross income £180,570 pa; WAULT 7.63 years to earliest break
Upper floors decommissioned and un-refurbished — conversion required
First-floor podium 1,323.86 sq m (14,250 sq ft) suitable for letting
Car-deck with 43 off-street parking spaces
Freehold sale; total building very large (substantial plot)
Area: very high crime and very deprived — impacts demand and costs
Very slow broadband speeds; will affect modern occupier requirements
Centre North East is a large, mixed-use city-centre tower presenting immediate development upside. The building benefits from outline planning consent to convert the third to seventeenth floors into up to 238 residential units, plus a self-contained upper core option and a sizeable first-floor podium suitable for immediate letting or fit-out. The property already generates income from basement, ground and mezzanine leisure/retail tenants, producing a gross annual income of £180,570 with a WAULT of 7.63 years to earliest determination.
Structurally, the seventeen-storey steel-frame block with glazed and composite-clad elevations is ready for conversion works: the upper floors are decommissioned and unrefurbished, offering a blank canvas for residential or PRS layouts. Practical advantages include off-street parking (43 spaces on a dedicated deck) and excellent mobile signal; the location on Albert Road places the site at the heart of Middlesbrough town centre with wide amenity catchment and transport links across the Tees Valley.
Buyers should factor in clear constraints: the upper floors require full refurbishment and conversion works to realise residential value, and broadband speeds are very slow in this area. The local area scores high for deprivation and very high recorded crime levels, which will influence tenant demand, rental tone and management costs. Any purchaser should allow for remediation, robust security measures, and targeted management or lettings strategy to underwrite income from student or city-centre markets.
This freehold opportunity suits an investor or developer able to absorb refurbishment risk and deliver large-scale conversion. The combination of an existing income stream, outline planning for dense residential use and a substantial city-centre footprint offers scope for significant value uplift, provided investment is made to complete conversion and address local market challenges.
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