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Harbourview Development Cromwell St 8,011 sq ft 100% Let Office Property Stornoway HS1 2DF £475,000 (£59.29/sq ft) 8.49% Net Initial Yield
INVESTMENT HIGHLIGHTS
- Multi-let on fri lease lease terms
- Asset management opportunities
- Attractive blend of covenants
EXECUTIVE SUMMARY
Offers over £475,000, exclusive of VAT are invited in respect of our client’s heritable interest in the property with the benefit of the existing leases. Based on the current rental income of £42,080 per annum, exclusive of VAT, a purchase price at this level represents a Net Initial Yield of 8.49% after deduction of normal purchaser’s costs and a Reversionary Yield of 11.35%.
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Tenure
Freehold
Property Size
8,011 sq ft
Costar Property Class
B
Year Built
2006
Price
£475,000
Price per sq ft
£59.29
Yield
8.49%
NOI
£40,328
Occupancy Rate
100%
Tenancy
Multiple
Number of Floors
3
Typical Floor Size
2,670 sq ft
Plot ratio
2.67
Total Plot Size
0.07 ac
AMENITIES
- Kitchen
- Storage Space
ABOUT CROMWELL ST , STORNOWAY, WIS HS1 2DF
The subjects are located in the centre of town adjacent to Stornoway Harbour on the west side of Cromwell Street (A857) with a pleasant outlook and views across the Harbour and beyond. The property benefits from car parking directly adjacent to the building.
MAJOR TENANTS
- TENANT
- INDUSTRY
- sq ft OCCUPIED
- RENT/sq ft
- LEASE TYPE
- LEASE END
- Stornoway Gazette (Johnston Publishing Ltd)
- -
- 670 sq ft
- -
- TBD
- -
- Wallace Stone
- -
- 1,257 sq ft
- £5.80
- -
- Mar 2024
| TENANT | INDUSTRY | sq ft OCCUPIED | RENT/sq ft | LEASE TYPE | LEASE END | |
| Stornoway Gazette (Johnston Publishing Ltd) | - | 670 sq ft | - | TBD | - | |
| Wallace Stone | - | 1,257 sq ft | £5.80 | - | Mar 2024 |
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Harbourview Development | Cromwell St
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