The property comprises a high yielding office investment let to one of the UKs best known businesses and including fixed rental uplifts.
Arranged as an "L" shaped office providing 14,992 sq ft (1,393 sq m) NIA of accommodation across ground and first floors with an undercroft car park, the property underwent a full CAT A refurbishment in 2016 prior to the current lease.
The property is fully let to Staines Rourke House Centre Limited trading as Regus, one of the UKs largest serviced office providers, on a 13 year lease expiring 11.04.2030 and paying £325,980 per annum. The lease is Guaranteed by Regus Plc capped at £232,843 (6 months rent).
The contracted rent under the lease is £465,686 per annum, however a lower rent of £325,980 per annum has been agreed until 24.03.2027. Therefore the lease effectively includes a fixed uplift to £465,686 per annum on this date.
The passing rent reflects a low £21.74 per sq ft and the lease includes a Landlords rolling break option with six months notice. We therefore consider the property may be suitable for conversion/development to provide a number of smaller office suites, or alternative uses, including residential, subject to obtaining the requisite consents.
The property occupies an attractive riverside pitch immediately to the south of the principal pedestrianised retail amenity of Staines. The surrounding area comprises a mix of office and industrial accommodation with some retail warehousing.
Staines is a well positioned town on the outskirts of London and immediately adjacent to the M25 and between the M4 and M3 motorways. The town therefore benefits from excellent road communications to both Central London as well as Surrey and Berkshire.
