Freehold Office Investment let to UK Government with over 18 year term remaining.
Global Real Estate: London, England, United Kingdom
£ 33,000,000 Freehold Office Investment let to UK Government with over 18 year term remaining. Tenancy The property is let in its entirety to UK Governement for a term of 40 years from 29th September 1987, expiring 28th September 2027.
The lease is drawn on Full Repairing and Insuring terms, subject to five-yearly upwards only rent reviews. The rent review dated 29th September 2007 has recently been settled at arbitration at £1,912,000 per annum.
This rent equates to around £43.16 per sq ft overall, or £47.00 per sq ft on the best space, £12.50 per sq ft on storage and allowing £3,500 per annum per car parking space.
The tenant's covenant is undoubted and the lease also has the added benefit of being contracted before the obligations of the Landlord and Tenant Act 1995 and as such offers privacy of contract.
Offers for the freehold interest in the property. The preference is for a sale of the shares in the Irish registered SPV in which the property is held and total acquisition costs of 2.75% should be assumed on the transfer.
