PROPOSAL

Seeking offers in excess of £11,750,000 (Eleven Million, Seven Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT.

Based upon a conservative Headline ERV of £25 per sq ft on the offices and assuming standard Purchaser’s costs of 5.80% this reflects the following attractive profile:

  • Net Initial Yield5.22%
  • Equivalent Yield5.57%
  • Reversionary Yield5.61%
  • Capital Value Per Sq Ft£317
  • Capital Value Per Sq Ft Including the Consented Development£248


The above yield profile does not account for any income or receipts from the granted planning consent.

INVESTMENT CONSIDERATIONS

  • Opportunity to acquire a substantial multi let mixed use investment in Queens Park, an affluent London suburb.
  • Headquarter style Grade A offices with full height atrium, outdoor terrace and excellent natural light.
  • Flexible open plan floorplates allowing for multiple occupation.
  • Exceptional car parking ratio of 1:975 sq ft overall.
  • Reversionary offices with conservative ERV of in excess of £25 per sq ft headline as proven by the current subtenant rents.
  • Low rented gym offering change of use potential to higher values.
  • Long average weighted unexpired term certain of 9.12 years.
  • Potential to extend the offices by linking floorplates.
  • Existing planning permission for construction of 14 private penthouses. Subject to the necessary permissions, possibility to increase the density further.
  • Queens Park has seen significant growth in residential values to £800 per sq ft, still a substantial discount to surrounding areas.
  • Opportunity to crystallise new benchmark residential values in Queens Park through the existing planning consent.
  • Potential to enhance income and yield through developing and letting the penthouse apartments.
  • Low capital value of £248 per sq ft inclusive of the consented residential scheme.

VALUE ADDED TAX

The property has been elected for VAT which will therefore be payable on the purchase price. It is envisaged that the sale will be treated as a Transfer Of a Going Concern (TOGC).