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Multi-let reversionary office (M25)

Redhill, Royaume-UniDéverrouiller l'adresse

84%

£10.000.000

Bureau

#14184

Core+

2 Feb 2024

Détails du bien

Courtier

Désactivé

44,109 sq.ft.

4 098 m²

Surface locative

226 £/sq.ft.

2 440 £/m²

8.68 %

9

Pleine propriété

X

Frais

0.00 %

0.40 %

0.00 %

0.40 %

Aperçu de l'investissement

Redhill is a vibrant town immediately south of Junction 8 of the M25 London orbital. Modern office building comprising 44,109 sq ft arranged over ground and 7 upper floors. The building was constructed in 2008 and has benefited from recent refurbishment including a new re-modelled reception in 2017 and the ground floor, 48.3 Scaffold Design demise, has just been refurbished with new LED lighting and metal suspended ceilings. The property is fully let to nine diverse tenants with an attractive AWULT of 3.9 years to break and 4.9 years to expiry with strong prospects of extending the term certain with the highly committed tenants. The best rent at the property is £28.50 per sq ft and the total rent is £926,450 per annum providing a low average rent of £23.50 per sq ft. This is a significant 25% discount to the prime Grade A Redhill office rent of £31.30 per sq ft. Numerous asset management opportunities to capitalise on the strong tenant relationships through removal of break options, lease re-gears and the refurbishment and re-letting of the 3,066 sq ft, which is being vacated. The property benefits from 124 car parking spaces reflecting an outstanding 1:349 sq ft town centre ratio. Reversionary Yield 11.56%.