The Johnson Building, part of Derby College, presents itself as a rare opportunity to acquire a modern, purpose built further education college building.
Located on Pride Park, a highly successful mixed used business park in Derby City Centre, home to major occupiers such as Rolls-Royce, Royal Mail and Mercedes Benz.
The property benefits from excellent transport links, located 0.25 miles from Derby Train Station and 8 miles from J25 of the M1.
Long established, Derby College consists of 4 campuses, with The Johnson Building forming part of The Roundhouse Campus.
Purpose-built further education facility totalling 93,190 sq ft, constructed in 2008.
Site area of c. 3.04 acres, which reflects a low site density of c. 47%, with c.125 car parking spaces.
Let to Derby College until 19 October 2029 with 11.9 years unexpired term.
Current passing rent of £848,558 pa (£9.11 psf) subject to a fixed uplift in October 2019 to £960,066 pa (£10.30 psf) and a further 2.5% pa compounded rental uplift in October 2024 to £1,086,229 pa (£11.66 psf).
The vendor will top-up the rent to the fixed uplift in 2019.
Offers are sought in excess of £13,330,000. A purchase at this level reflects an attractive net initial yield of 6.75%, rising to 7.64% at a fixed increase in October 2024, and a capital value of £143 psf.
( Agency Pilot Software Ref: 3900 )