Investment for Sale of potential interest also to owner occupiers

Key Points

• Let to Grade A Tenant until 31 March 2023
• Net rental income of £50,575 per annum
• Capital value equates to £100 per sq ft
• Modern detached two-storey office unit
• 16 onsite car parking spaces

Description

The premises comprises a modern, detached two-storey office unit forming part of the scheme of five similar units. The building provides predominantly open plan accommodation throughout with good natural light. The specification includes gas fired central heating as well as air conditioning, raised floor, suspended ceilings with inset lighting and with male and female WC facilities. There are a minimum of 16 onsite parking spaces.

Location

Basingstoke and Deane is a major centre for commerce and industry with a borough population of approximately 177,500. The town is 45 miles to the south west of London adjacent to junctions 6 and 7 of the M3 Motorway. There is also a frequent rail service to London Waterloo (approx. 45 minutes) The Property lies approximately 1.5 miles north of Junction 6 of the M3 Motorway on Stroudley Road, part of the Daneshill estate. It is situated immediately opposite Basepoint Business Centre.

Terms

£550,000 reflecting a net initial yield of approximately 8.77% allowing for purchasers costs at 4.84%. We are advised that the property has not been elected for VAT and therefore no VAT will be chargeable upon the sale.

Tenure

The property is held leasehold from Basingstoke & Deane Borough Council for a term of 125 years from 26 April 1985. A Ground rent is payable following a lease renewal based on the higher of the base rent (8,250 per annum) or 15% of the rent received. Current Ground rent is £8,925 per annum.

Lease

The property is let to a Grade A Tenant for a term of three years from 1 April 2020 at a rent of £59,500 per annum without review. The tenant is responsible for all internal non-structural repairs and decorations to include windows, doors and their frames. The Landlord is responsible for the main structure including the foundations, elevations and the roof. We are advised that occupiers have been tenants since February 2016.