Multi let Office Investment Opportunity with “value add” potential

A modern, Grade A specified building, arranged over ground and six upper floors, providing 59,181 sq ft in total, together with 12 basement car parking spaces. Originally developed in 1974, the property underwent a comprehensive refurbishment (including M&E replacement) in 2005 and has more recently benefitted from a rolling refurbishment programme. Ground floor let to Tesco and Costa Coffee. Upper floors – Highly flexible floor plates, providing suites from 700 sq ft up to full floors of c9,000 sq ft. Offices multi let to tenants including; Hungarian Embassy, Portugese Consulate, ADP Architecture. EPC ratings range from EPC A on newly refurbished offices, to EPC B & C on older accommodation. Currently 60% let and 40% recently vacated. WAULT of 2.21 years to earliest termination (contracted income) 3.40 years to expiry. Total contracted passing income - £890,522. Total net passing income - £261,930 (excluding any rates mitigation). Average office rent - c£25.00 per sq ft. ERV - £25.00 psf (existing – Cat A), increasing to £30.00 psf+ upon refurbishment. Recent works undertaken by the vendor include a full refurbishment of the 1st floor (including new VRF system) along with significant ground floor enhancements including an extended entrance and a stunning double height reception area. The property has also benefitted from basement upgrades which have significantly enhanced the building’s amenity and end of journey facilities.