The property comprises a detached two-storey office building set on a broadly rectangular site together with a generator building to the rear.
The building was originally constructed in the late 1980’s with a concrete frame, block infill walls faced with brick with double glazed windows under a pitched tiled roof. The building has been refurbished internally to a high standard.
The majority of the ground floor has been fitted out at a significant cost for high tech use as accommodation for multiple servers and communication equipment. The first floor accommodation provides a mixture of open plan and cellular offices with canteen and break out areas.
The property benefits from 29 secure car parking spaces accessed via a barrier system located to the front and rear of the site. This provides an excellent car parking ratio of 1:464 sq ft.
We are instructed to seek offers in excess of £2,875,000 (Two Million Eight Hundred and Seventy-Five Thousand Pounds) for our client’s long leasehold interest excluding VAT. A purchase at this level would reflect an attractive net initial yield of 6.50% and a potential reversionary yield in April 2022 to 7.23%, assuming purchasers costs of 6.43%.