Property Information
Address:
Wiltron House, Rutherford Close, Stevenage, East Of England
, SG1 2EF
, East Of England
, United Kingdom
Price: Property no longer available.
Size: 29614 sq ft2751 sqm
Primary Category: Investment
All Categories:
Investment, Office,
Property Ref/Movehut: MH686216
Property Ref/Agent: 115273
*Please use the agent ref when calling the agent directly.
Property description
HIGH YIELDING HQ STYLE MEES COMPLIANT OFFICE CENTRALLY LOCATED WITHIN STEVENAGE
Located in Stevenage within the UKs Innovation Corridor with excellent connectivity, providing immediate access to J7 and J8 of the A1(M) and access to the M25 within 12 miles.
Situated within the Medway Technology Park Stevenage has a growing life science offering and is home to the GSK campus.
A prominent HQ style office totalling 29,614 sq ft (2,751.18 sq m) set within 1.90 acres.
Large car park comprising approximately 115 spaces, providing an excellent ratio of 1:257 sq ft.
Multi-let to three tenants, including the undoubted covenant of the NHS and Carestream Dental Ltd.
WAULT term of 1.32 years to expiry and 1.15 years to break.
Passing rent of £432,000 per annum, equating to a low average rent of £14.58 per sq ft.
Freehold.
The 1.90 acre site, could allow future industrial re-development of the site.
A number of asset management opportunities including a light refurbishment to drive rents and re-let/renewing existing leases.
Of interest to owner occupiers, investors and developers.
Very attractive NIY of 18.90%, with a purchase price materially below replacement cost.
We are instructed to seek offers in excess of £2,150,000 (Two Million One Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT.
A purchase at this level reflects a very attractive Net Initial Yield of 18.90%, a low capital value of £70 per sq ft (overall basis) and £1.131m per acre after purchaser's costs of 6.31%.
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