High yielding multi-let office investment on the established Business Park. Large site area of 4.4 acres with 170 car parking spaces (1:204 sq ft). 15 units totalling 34,607 sq ft across 3 individual buildings with attractive landscaped surrounds and parking. Multi-let to 21 tenants including the DVSA and DHL, providing a highly diverse income stream. 84% of income secured against tenants with ‘minimum’ or ‘lower than average’ risk of business failure, providing strong security of income. Average unexpired lease term of 1.5 years to breaks and 1.9 years to expiries. Low contracted rent of 454,125 per annum reflecting 13.12 psf overall. Within the last 24 months lettings and renewals on 10,436 sq ft (30%) of the total floorspace have completed, establishing a headline rent of 15.33 psf. Current vacancy rate of 17% provides an opportunity to increase the rental income across the estate.
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