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12.7% yield Multi-Tenant office Investment

0
Ref#: PEN-89802
Stockton-on-tees, TS17
£1,600,000
sq ft: 20000
1
Ref#: PEN-89802
Stockton-on-tees, TS17
£1,600,000
sq ft: 20000
2
Ref#: PEN-89802
Stockton-on-tees, TS17
£1,600,000
sq ft: 20000

Description

SUMMARY

 

Sale Price =  £1.6m,

Currently 70% let =£145,435 (9.1% yield)

Total Rent when fully let  = £203,219 (12.7% yield)

 

The property was built in approx. 2001, extends to approx. 20,174 sq.ft and benefits from 88 car parking spaces.  The property is located approx. 3 minutes’ walk from Thornaby Train Station and 5 minutes’ walk from Durham Universities Queens Campus and Stockton Riverside College.

 

The property is currently 70% let and benefits from some very well established tenants:

 

·         Part Ground Floor (2,466 sq.ft), TENANT-A, £22,000 pa, 10 year term wef 10/10/2016, rent review 10/10/2021

·         Part Ground Floor (2,563 sq.ft), TENANT-B, £38,550 pa, 10 year term wef 29/02/2013

·         Part First Floor (3,126 sq.ft), TENANT-B, £22,725 pa, 5 year term wef 23/06/2018

·         Part First Floor (1,816 sq.ft), Vacant, ERV £19,252 pa

·         Part Second Floor (3,016 sq.ft), TENANT-C, £33,990 pa, 10 year term wef 14/03/2017, rent review 01/04/2022

·         Part Second Floor (1,910 sq.ft), Vacant, ERV £18,145 pa

·         Part Third Floor (3,130 sq.ft), TENANT-D, £28,170 pa, 10 year term wef 14/02/2020, break clause 14/02/2025, rent review 14/02/2025

·         Part Third Floor (2,146 sq.ft), Vacant, ERV £20,387 pa

 

·         Total Current Rent - £145,435

 

·         Total Rent Once fully Let (based on ERV of quoting rent of £9.50/ sq.ft) - £203,219

 

 

SOURCING FEE: 2% of Sales Price

 

Felix Udanyi

07533163616


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