Prime City Centre Office Investment Securely Let With In Excess Of 9.5 Years To A Major FTSE 250
- Reading is the largest commercial centre in the south east outside of Central London, boasting global & European HQs of over 200 Fortune 500
- Situated on the north side of Kings Road in Reading city centre, just 7 minutes’ walk from Reading railway station and the new Crossrail terminal
- A modern self-contained office building of 14,933 sq ft (1,387.32 sq m), and recently undergone a full CAT A refurbishment costing approximately £1.5M
- Let in its entirety to Paymaster (1836) Limited with a guarantee from Equiniti Group PLC (a FTSE 250 company) for a term of 12 years expiring in May 2031.
- In excess of 9.5 years unexpired
- Current income of £410,657.50 per annum reflecting a low rent per sq ft of £27.50.
- Conservative ERV of £500,000 pa reflecting £33.50 psf in line with recent post Covid open market lettings in the area
- Seeking offers in excess of £8.1M (EIGHT MILLION ONE HUNDRED THOUSAND POUNDS) subject to contract and exclusive of VAT for our client’s freehold interest in the above
- A purchase at this level reflect a net initial yield of 4.75% and a potential reversionary yield of 5.78% after allowance for purchaser’s costs of 6.8%.
- Approximate capital value of £540 psf