Global Real Estate: SE of London, England, United Kingdom
£ 21,280,000 Single A Grade Tenant Office Investment on Fully Repairing and Insuring lease reflecting a Net Initial Yield of 8.00%. Investment Considerations Prime office investment situated on one of the premier Business Parks in the South East. Grade A office building built in 1999, comprising approximately 66,461 sq ft overall, arranged over ground and three upper floors. Excellent car parking ratio of 1:230 sq ft. Under lease for a further 10.5 years (5A1 Dun & Bradstreet covenant). Tenant's UK Head office. Passing rent of £1,800,000 per annum, reflecting £27.25 psf.
Description The property was constructed in 1999 and provides Grade A office accommodation over ground and three upper floors, with 289 car parking spaces, providing an excellent car parking ratio of 1:230 sq ft.
Accommodation The building provides a NIA of 65,598 sq ft offices & 863 sq ft reception.
Tenure Freehold
Tenancy The property is let to a single tenant, with D & B rating of 5A1, on a Fully Repairing and Insuring lease expiring in October 2019. There is an upward only rent review in October 2009 and a further review in October 2014.
Rental Income £1,800,000 pa, equating to £27.25 psf assuming the reception area is rentalised at half rent.
Purchase Price £21,280,000 exclusive of VAT and subject to contract
Initial Yield 8.00% NIY after purchasers’ costs of 5.725%.
