Property provides a 60,809 sq ft Freehold Grade II listed office-led scheme including 11,607 sq ft of retail / leisure. Full repositioning completing in 2020, with approximately £5.3 million spent on the building since 2019. It offers architecturally outstanding modern walkways within a full height hotel-style atrium alongside retained legacy features, including exposed brick walls and services, timber flooring and steel columns. High quality community-led workspace, excellent natural light, 100% electric, natural ventilation, EPC B(29) & BREEAM Very Good. Multi-let with high-quality varied tenancy profile & defensive income. Total marketing rent of £1,794,172 per annum, and an overall WAULT of 4.0 years to break & 5.6 years to expiry. Strong commitments to the building with key occupiers including RSK having invested heavily into their offices and fit outs.
Additional Information
Sales process
We are instructed to seek offers in excess of £22,400,000 subject to contract and exclusive of VAT. A purchase at this level reflects an attractive 7.50% NIY, a capital value of only £368 per sq ft, and a reversionary yield of 8.15%.
Overview of the tenants
Multi-let to 13 diverse office tenants & 3 retail tenants providing a high-quality varied tenancy profile, a spread of lease events & defensive income. The top 6 tenants account for 69% of the total income and no tenant accounts for more than 17% of the total income.
Other relevant information
The asset underwent a full refurbishment completing in September 2020. The property is elected for VAT and as such it is envisaged that the transaction will be treated as a TOGC.
