Excellent modern office investment opportunity in a popular business park location with a strong covenant and good road links.
- MODERN OFFICE INVESTMENT FOR SALE
- 10 YEAR LEASE FROM JULY 2019 AT £22,500 PAX
- RENT REVIEWS EVERY 3 YEARS
- 2,250 SQ FT NIA
- CLOSE TO A1 and NEWARK TOWN CENTRE
- STRONG COVENANT
- ASKING PRICE: £265,000
- ATTRACTIVE YIELDS: 8.11% NIY / 8.49% GROSS.
The property comprises a semi-detached office building which offers open plan accommodation within a two storey building. As a modern development, this property has the advantage of air conditioning, Cat II lighting and suspended ceilings and generous parking.
The property is let to Fisher German LLP by way of a 10 year lease from 16th July 2019 on effective FRI terms.
The passing rent is £22,500 per annum, reflecting a rate equating to a low rent of circa £10 per sq ft. There is a tenant break option after 3 years and upward only Rent Reviews after 3 and 6 years.
Fisher German have occupied the property for over 11 years and are well established in the local area with strong ties to the agricultural and business community.
Please note the ground floor is sub let to Carter Real Estate (Boston) Limited for 3 years from July 2019 at £10,000 per annum exclusive. The lease is guaranteed by the G.F. Tomlinson Group Limited (net worth £11.5m).
Guide Price and Investment Considerations
Asking price: £265,0000
This reflects an attractive NIY of 8.11% after costs and a Gross Yield of 8.49%.
This is a rare opportunity to acquire a modern office investment let to a strong covenant on an established business park location with fantastic road access to the A1.
There are good opportunities for rental growth via regular rent review intervals.
Tenure Virtual freehold. 999 years less 3 days from and including 28 September 2007.
Lease copies available upon request.
( Agency Pilot Software Ref: 104481 )