Sold

Fareham – High Yielding Office Building with Asset Management Potential

Solent House, 1460 Solent Business Park, Fareham, Hampshire, PO15 7AF

Offers in excess of £2,750,000

Property Type:
Commercial
Sub Type:
Office
Tenure:
Freehold
Net Initial Yield:
9.01%

Income

£263,734 pa

Description

  • Solent Business Park is the South Coast’s Premier Business Park located on the M27, 8 miles from Southampton, 12 miles from Portsmouth and 78 miles from London.
  • Situated adjacent to Junction 9 of the M27 providing excellent transport links to the main business centres along the south coast equidistant between Southampton and Portsmouth with Swanwick Station is 1 mile west.
  • The M27 is set to benefit from substantive road improvement at Junction 9 and Parkway South Roundabout which is set to improve accessibility
    and reduce congestion.
  • Attractive modern detached building arranged over ground and two upper floors comprising 17,515 sq ft of office accommodation and 96 car parking spaces providing an excellent car parking ratio of 1:182 sq ft.
  • Rent passing of £263,734 p.a. which reflects a low rent of £15.06 psf.
  • The property is let to three tenants; Sedgwick International UK Limited, Eight Wealth Management Limited, and Provident Personal Credit Limited who are all fully up to date on their rent payment.
  • Over 84% of the income receipt is let to Experian Low Risk rated covenants.
  • WAULT of 3.88 years to expiry and 3.20 years to break with strong prospects to extend the lease to Eighth Wealth Management.
  • Freehold title extending to 1.1 acres (0.44 hectares) with a very low site coverage of 16%.

We are instructed to seek offers in excess of £2,750,000 subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 9.01%. This represents a low capital value of £157 psf.