Sold
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.