High quality self-contained office building with excellent parking provision
The property is located on The Oaks Business Park, ideally positioned adjacent to the A441 to the south of Redditch town centre. The property benefits to excellent access to the national motorway network at J 2 & 3 of the M42. The business park is situated adjacent to a number of restaurants and is in close proximity to a number of public houses and a Tesco Extra Superstore.
Suspended ceiling with recessed CAT II lighting New high quality carpet Newly refurbished W/Cs Gas-fired central heating system Ground floor kitchenette Excellent parking provision (1:245 sq ft)
Newly Refurbished Multi-Let Office Investment
• Strategic location near Junctions 13, 14 and 15 of the M40 Motorway.
• One Warwick Technology Park comprises a headquarters style office building, recently refurbished to Grade A standard.
• The property extends to 49,157 sq ft over three floors.
• Fully-let to three principal tenants; Accenture (UK) Ltd, Baker Hicks Ltd and Delphi Diesel Systems Ltd.
• The property currently produces a net rental income of £984,658.50 per annum (including additional car park rent), reflecting £18.14 per sq ft overall.
• Baker Hicks and Delphi Diesel Systems have both committed to new leases on refurbished accommodation, setting a new headline rental level in excess of £19.00 psf.
• Reversionary potential via the future refurbishment of Accenture's accommodation, which is yet to be refurbished and is currently let off £16.02 psf.
• Excellent covenant strength with all tenants offering D&B rated minimum risk covenants.
• Average weighted unexpired lease term of 8.75 years to expiry and 5.69 years to break, the property benefits from long term income security.
A purchase at this level reflects an attractive Net Initial Yield of 7.00% and a low capital value of £268.01 per sq ft, assuming full purchasers’ costs.