Portfolio of 3 core+plus offices

Exciting opportunity to acquire a portfolio of 3 x Core + offices providing significant short/ medium term asset management opportunities.  Excellent geographical distribution with assets located in supply constrained central markets and priced below the replacement cost.  Total area of 152,879 sq ft NIA. Leeds: 21,154 sq ft (NIA), Nottingham 82,760 sq ft (NIA), 48,965 sq ft (NIA). Annual rent roll of £1,890,065 per annum reflecting a very low average passing rent of £12.36 per sq ft on the let space. Excellent WAULT of 6.85 years to expiry and 3.32 years to break. 6 tenants rated “low to medium risk” by Experian. 67% occupancy and all of the vacancy is newly refurbished to an impressive Grade A specification.  High NOI as all of the vacant space at Leeds and Exeter is not yet registered for business rates. All assets are future proofed, with capital expenditure in excess of £7.3m having been invested by the Vendor over the last 24 months. Opportunity to significantly increase the rental income, with a near term “up and let” yield of 14.50% + (based upon an average ERV of £22.36 per sq ft). Potential to drive returns and value by re-letting the vacancy, re-gearing with existing tenants and refurbishing any future vacancies to drive the rental tone.  EPC ratings – A (16), B (40) and C (65). All assets are held Freehold.