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Phoenix House 1 Wards Rd 4,600 sq ft 100% Let Office Property Elgin IV30 1QL £695,000 (£151.09/sq ft) 8.21% Net Initial Yield
Investment Highlights
- Next door to Elgin station
- Lots of available parking
Executive Summary
The property is fully let to two tenants (100% occupancy), providing a secure and diversified income stream. The current passing rent is £60,000 per annum, which is considered reversionary, with potential to increase to £67,500 per annum at review. The weighted average unexpired lease term (WAULT) is 8.48 years, with a WAULT to break (WAULTC) of 4.90 years, offering a good balance of income security and asset management opportunities.
Property Facts
Sale Type
Investment
Property Type
Office
Tenure
Freehold
Property Size
4,600 sq ft
Costar Property Class
B
Year Built
1985
Price
£695,000
Price per sq ft
£151.09
Yield
8.21%
NOI
£57,060
Occupancy Rate
100%
Tenancy
Multiple
Number of Floors
2
Typical Floor Size
2,300 sq ft
Plot ratio
1.84
Total Plot Size
0.06 ac
Amenities
- Security System
- Kitchen
- Fully Carpeted
- Secure Storage
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Presented by
Shepherd Chartered Surveyors
Phoenix House | 1 Wards Rd
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