Tom Forman MRICS’ Post

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Associate Partner at Carter Jonas

New Investment Sale We are pleased to have been instructed to sell the freehold interest in Ailsa House, comprising high quality offices refurbished to EPC B with secure income from the Secretary of State and VP PLC. The salient details are as follows: ·        Located on Turnberry Park, an established business park location located a 1 minute drive from the M62 / M621 interchange. ·        Recently refurbished to an EPC B. ·        High-quality modern offices with flexible floor plates providing a total of 26,625 sq ft of accommodation over 3 storeys. ·        Let to 2 tenants with 59% of rent from the Secretary of State for Housing, Communities, and Local Government, who have recently renewed their lease. ·        Rent passing of £291,990 pa, which equates to a low rent of £13.19 psf on the let accommodation.  ·        Opportunity to let the vacant accommodation and increase the rental income. ·        WAULT of 4.92 years (without breaks). ·        Freehold Offers for the freehold interest are invited in excess of £2,750,000 which equates to a net initial yield of 9.98%, assuming purchaser’s costs of 6.41%, and a low capital value of £103 psf. Upon letting of the vacant office suite this would result in a net reversionary yield of 12.04% (based on an ERV of £13.50 psf). For more information please contact myself or colleagues James Forrester and Mathew Atkinson #Leeds #offices #officeinvestment #governmentincome #investment

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Mark Williams

Associate Partner, Valuations, at Carter Jonas

2w

I remember doing a rent review on that nearly 20 years ago!

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