19,915 sq ft
|Property Type||Investment Property|
|Size||19,915 sq ft|
|Freehold Price||Offers in excess of £3,750,000 subject to contract only|
|Energy Performance Rating||This property has been graded as 70 (C)|
Fleet is in the heart of the Blackwater Valley, 40 miles south west of Central London, 17 miles south east of Reading and 15 miles west of Guildford.
Admiral House is prominently located fronting the main A323 Reading Road North, which is to the southern edge of Fleet town centre. Being within the town centre all of Fleet shopping, restaurants, banking and public parking amenities are within easy reach. The building is next door to the Hart Civic offices, library and civic centre. Fleet is located close to Junction 4a of the M3 motorway being approximately 3 miles distant. The main line railway station is about one mile distant providing a regular fast train service to London (travel time to Waterloo is approx 41 minutes).
Admiral House is a three-storey office building, built in 1987, of approximately 19,915 sq ft (1,850 sq m) and offers some of the best available office accommodation within the town centre. There is a high quality main reception to the ground floor, which has been refurbished, with one 8-person passenger lift serving all floors. The property is located on a large site which provides up to 116 car parking spaces (ratio of 1 per 171 sq ft) with part under croft parking at lower ground level.
The ground and first floors are let to Capital Home Loans Ltd.
The top floor, which is 6,648 sq ft, is vacant and available To Let. This vacant floor has been fully refurbished by the current landlord, including new comfort cooling units, new carpets, new ceilings and LG7 lighting.
The landlord has also refurbished the common parts and toilet areas.
The property has potential for General Permitted Development for the change of use to C3 residential use. The vendor has carried out some initial feasibility plans which shows potential to convert the whole to 29 C3 residential units (19 x 1 bed units and 10 x 2 bed units) which generates a parking requirement of 54 car spaces and 39 cycle parking spaces. There may be potential for further development of the property and site subject to planning permission and vacant possession..
A purchase at this level would reflect an attractive net initial yield of 8.18%, after including a 12 month rent guarantee on the vacant floor and assuming purchaser’s costs of 6.47 %. This reflects a low capital value of £188 per sq. ft.
The ground and first floors of Admiral House, comprising a total of 12,954 sq ft (1,203 sq m), are let on a single lease to Capital Home Loans Limited (CHL), Company number 21742364. (D&B rating 5A1).
The lease to CHL is for a term of 10 years from 25th December 2016 expiring 25th December 2026, with a tenant only break at the 5th year (25th December 2021) with no less than 6 months’ notice. The lease is on a full repairing basis and there is an upward only rent review on 25th December 2021. The annual rent is £210,500 per annum exclusive of service charge and rates and VAT (£16.25 per sq ft).
The vendor will provide a rent guarantee for the unexpired term of the rent free period to Dec 25th 2017.
The top floor, measuring 6,648 sq ft, is vacant and available to let. 12 month vendors rent guarantee available.
We are seeking offers in excess of £3,750,000 (three million seven hundred and fifty thousand pounds) for the freehold interest, subject to contract and exclusive of purchaser’s costs at 6.47%.
A purchase at this level would reflect an attractive net initial yield of 8.18% (including the rent guarantee).
This reflects a low capital value of £188 per sq. ft.
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