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Milton Keynes – Reversionary Multi-Let Office Investment

Marlborough Court, Sunrise Parkway, Linford Wood, Milton Keynes, MK14 6DY

Offers in excess of £7,500,000

Property Type:
Commercial
Sub Type:
Office
Tenure:
Freehold
Net Initial Yield:
8.5%

Income

£678,283 per annum

Description

  • Modern two storey office building totalling 44,237 sq ft (4,109.8 sq m) of high specification accommodation.
  • Located in Linford Wood, a premier office park, situated on one of the key arterial routes through Milton Keynes.
  • Freehold.
  • Multi-let to five tenants producing a rent of £678,283 per annum, subject to rental guarantees.
  • WAULT of 3.4 years (2.1 years to break).
  • Let accommodation producing a low rent of £15.03 psf, significantly below competing buildings.
  • 100% of income secured to low risk tenants.
  • Resilient tenant line up with rent paid in full over the lockdown period.
  • Vacant accommodation recently refurbished to a high specification.
  • Various short-term asset management/value add potential, in particular benefiting from reversionary rents.
  • Offers sought in excess of £7,500,000 subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 8.50%, a reversionary Yield of 8.93% and a low capital rate of £170 psf, subject to standard purchaser’s costs.