Under Offer

Derby – High Yielding Secure-Let Office Investment Opportunity

Norman House, Friar Gate, Derby, DE1 1NU

Offers in excess of £1,700,000

Property Types:
Commercial, Mixed, Residential
Sub Types:
Office, Multiple Flats
Net Initial Yield:
10.27%

Income

£185,317 per annum

Description

  • Four-Storey mixed use building with commercial accommodation on the ground and residential above.
  • Located within easy reach of Derby City Centre.
  • Providing 16,768 sq ft of high quality, modern office and showroom accommodation.
  • Producing a net income of £185,317 per annum.
  • Freehold and part Leasehold.
  • 91% of the income let to Experian Very Low Risk covenants.
  • Average Unexpired Term of 10.72 years to expiry (6.19 to break).
  • The flats are sold off on long leasehold basis.
  • 48 secure car parking spaces.
  • Smith Partnership (82% of income) have had its headquarters within the wider Heritage Gate complex for almost two decades.
  • Offers sought in excess of £1,700,000 subject to contract and exclusive of VAT.  A purchase at this level reflects a net initial yield of 10.27% assuming purchaser’s costs of 6.21%.