Sold

Milton Keynes – Freehold Office investment Let to the NHS

Sherwood Place, Sherwood Drive, Bletchley, Milton Keynes, MK3 6RT

Offers in the region of £3,500,000

Property Type:
Commercial
Sub Type:
Office
Tenure:
Freehold
Net Initial Yield:
8.04%

Income

£299,722 pa

Description

  • Milton Keynes is a major South East town set between Oxford to the south west and Cambridge to north east.
  • Unrivalled location at the heart of the ‘UK Growth Corridor’, Milton Keynes is set to benefit from significantly upgraded East to West Railway.
  • Situated in Bletchley approximately 4 miles south of Milton Keynes and within a 5 minute walk from Bletchley Station.
  • Site area: 0.811 acres (0.328 hectares).
  • Prominent self-contained building extending to 14,357 sq ft built in the 1980’s and comprehensively refurbished in 2009.
  • Entirely let to the NHS Property Services Ltd at a current rent of £299,722 p.a. until 16th April 2024 subject to uncapped annual RPI uplifts (no cap or collar).
  • Excellent car parking provision with 63 car parking spaces reflecting a car parking ratio of 1:228 sq ft.
  • Possible refurbishment or redevelopment for residential at lease expiry, subject to obtaining the necessary consents.
  • Freehold.
  • Offers are sought in the region of £3,500,000 subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 8.04% after allowing for standard purchaser’s costs.