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For Sale£1,750,000.00

Laurel House, Stirling, FK7 9JH

Office, Offices , 23119 Sq Ft
Property type: Office, Offices
Tenure: For Sale Freehold
Size: 23119 Sq Ft
Price: £1,750,000.00
Location: Laurel House, Laurel House, Laurelhill Business Park, Stirling, FK7 9JH

Highly Reversionary Multi-Let Office Investment With Value Adding Opportunities

  • Multi-let office investment opportunity in the city of Stirling;
  • Prominent office building located in the well-established Laurelhill Business Park extending to 23,119 sq ft (2,147.83 sq m);
  • Let to Scottish Enterprise, Target Advisers LLP and Scottish Sea Farms with a weighted unexpired term of 3.58 years to expiry and 3.04 years to break;
  • Total current passing rent of £152,818 per annum representing a low average rate of £10.45 per sq ft. The net rent following vacant rates and service charge deductions is £86,651.30 per annum;
  • Asset management opportunities through letting vacant space and negotiating with existing tenants together with longer term potential redevelopment opportunities for alternative uses;
  • Heritable tenure (Scottish equivalent of English Freehold).
  • Offers in excess of £1,750,000 are sought for our client’s heritable interest in the property. A purchase at this level would provide the following yield profile:

    Net Initial Yield 4.68%*

    Equivalent Yield 8.74%

    Reversionary Yield 12.28%

    This equates to a low cap rate per sq ft of £75.70 assuming purchaser’s costs at 5.74%.

    * Triple net initial yield position following the deduction of vacant service charge and vacant rates. Please note, we have estimated the vacant rates payable on ground floor as they are yet to be assessed.

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