Property overview

Modern detached office/call centre on established mixed commercial park,  62,652 sq ft over two floors on a 4.95 acre site.  There is car parking either side of the building providing 440 car spaces, an excellent ratio of 1 : 142 sq ft.

The sitewould offer longer term potential redevelopment options.  The current site cover is only 15%.

The property is let on an FRI lease to Telecom Service Centres Ltd, the lease was re-geared last year on a 10 year term from March 2024 with a tenant option to break March 2029.  Tenant has been in occupation since 1999.

The passing rent is now £430,000, only £6.86 per sq ft. As part of the re-gear the rent was reduced from the previous £677,500 per annum.

There is an open market rent review in March 2029, subject to a minimum uplift to £450,000 and a cap of £550,000.

We are instructed to seek offers in excess of £4,000,000. This shows an initial yield of 10.09%, allowing for purchaser’s costs of 6.55%. The underlying capital value is under £64 per sq ft.

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