HQ office offering 5.6 years of investment grade income

York is the administrative and commercial centre of Yorkshire with a population of over 213,000 and a robust local economy contributing £6.6bn of value to UK GDP. Property provides 69,351 sq ft of office accommodation arranged in an H-shape over ground and 2 upper floors offering an institutional modern specification. Single-let to Aviva Life & Pensions UK Limited (“Aviva”) until to 31st December 2029, providing an unexpired term of 5.6 years (no breaks). The tenant is no-longer in occupation, but a number of sub-tenants occupy the office space. Current passing rent is £1,713,085 per annum, reflecting £24.70 per sq ft. The rent is reviewed annually on the 24th June in line with RPI (capped and collared at 0-5%pa.). Given the imminent 2024 rent review, the Vendor will be topping up the rental level to the projected rent review settlement level of £1,757,362 per annum.