For Sale

Redhill – Single-Let Office Investment With An Unbroken Term Of 10.5 Years

Abbey House, 25 Clarendon Road, Redhill, RH1 1QZ

Offers in excess of £4,500,000

Property Types:
Commercial, Development Opportunity
Sub Type:
Office
Tenure:
Freehold
Net Initial Yield:
6.46%

Description

 

  • Redhill is an affluent Surrey town and situated approximately 20 miles to the south of Central London
  • Abbey House is located in the heart of Redhill town centre
  • Freehold
  • The property comprises an office building constructed in 1999
  • Arranged over basement (lift & riser), ground, first and second floors
  • Total floor area of 14,848 sq ft NIA
  • 32 parking spaces provided in a secure undercroft car park, reflecting an excellent town centre ratio of 1:464 sq ft
  • Let in its entirety to Redhill Town Centre Ltd, trading as Regus, with Regus Holdings Plc as guarantor
  • A new 11 year FR&I lease from June 2021 with an upward only rent review in June 2027
  • The lease is guaranteed by Regus Holdings Plc for unpaid rent up to a maximum of £310,000
  • Passing rent of £310,000 p.a (£21 psf overall)
  • An average of 76% occupancy in 2020, which is strong
  • The property benefits from a permitted development consent for 23 units from June 2021
  • Offers are sought in excess of £4,500,000 being subject to contract and exclusive of VAT.  A purchase at this level reflects a net initial yield of 6.46% (assuming purchaser’s costs of 6.57%)