Long let fully refurbished HQ office building

Property provides just over 66,000 sq ft of Grade A office accommodation over three floors. There is also a surface car park providing 73 car parking spaces with the adjoining shared multi-storey offering an additional 278 spaces for the tenant. The building was originally built in 2009 alongside Cedar which is owned and occupied by Sainsbury’s. The Property will be let in its entirety to Polestar Automotive UK Limited (with a guarantee from Polestar Performance AB) for a term of 15 years with a break at the end of the 10th year. The lease will commence from practical completion of the refurbishment works, which is due 31st July 2024. There is a long stop date for any delays of 15th December 2024. The total passing rent will be £1,674,190 p.a which is reflective of a rent of £25.50 psf (half rent on reception). The lease will have the benefit of 16 months rent free, with a further 6 months if the tenant does not operate their break. The lease provides for 351 car parking spaces allocated to Polestar of which 73 are in the surface car park which is included in the sale. The remainder (278) of the spaces are in the vendors retained multi-storey car park. The lease benefits from upwards only open market rent reviews at the end of every 5th year of the term.