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Bennett House Town Rd 48,899 sq ft 100% Let Office Property Stoke On Trent ST1 2QB £3,300,000 (£67.49/sq ft) 12.85% Net Initial Yield
Investment Highlights
- 167 onsite parking spaces
- On the edge of Hanley city centre.
Executive Summary
An opportunity to acquire a modern fully let office building.
79% let to The Secretary of State for Housing, Communities and Local Government, who have occupied the building since 2002, offering secure income supported by strong public sector covenants. 21% let to the NHS, who have exercised their break option dated 31/03/2027.
Comprises 44,786 sqft (4,161 sqm) arranged over three floors. Provides 167 on-site car parking spaces, equating to a parking ratio of 1:268 sqft. Produces a passing rent of £451,602 per annum, reflecting a low average rent of £10.08 per sqft inclusive of parking spaces. Headline ERV of £551,000 per annum. Provides a WAULT of 2.22 years to lease breaks. 100% of current income secured against UK Government-backed occupiers.
79% let to The Secretary of State for Housing, Communities and Local Government, who have occupied the building since 2002, offering secure income supported by strong public sector covenants. 21% let to the NHS, who have exercised their break option dated 31/03/2027.
Comprises 44,786 sqft (4,161 sqm) arranged over three floors. Provides 167 on-site car parking spaces, equating to a parking ratio of 1:268 sqft. Produces a passing rent of £451,602 per annum, reflecting a low average rent of £10.08 per sqft inclusive of parking spaces. Headline ERV of £551,000 per annum. Provides a WAULT of 2.22 years to lease breaks. 100% of current income secured against UK Government-backed occupiers.
Property Facts
Sale Type
Investment
Property Type
Office
Tenure
Freehold
Property Size
48,899 sq ft
Costar Property Class
B
Year Built/Renovated
2002/2019
Price
£3,300,000
Price per sq ft
£67.49
Yield
12.85%
NOI
£424,050
Occupancy Rate
100%
Tenancy
Multiple
Number of Floors
3
Typical Floor Size
15,750 sq ft
Plot ratio
0.69
Total Plot Size
1.63 ac
Parking
28 Spaces (0.59 Spaces per 1,000 sq ft Leased)
Amenities
- Security System
- Signage
- Storage Space
- Common Parts WC Facilities
- Fully Carpeted
- Lift Access
- Secure Storage
- Shower Facilities
- Air Conditioning
- Smoke Detector
- Raised Floor System
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Bennett House | Town Rd
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