Investment for sale

Investment Summary:
An opportunity to acquire a modern fully let office building.
Prominently located within Hanley town centre, the commercial and administrative heart of Stoke-on-Trent.
Strategically positioned approximately 6 miles from Junctions 15 and 16 of the M6 motorway, providing excellent connectivity across the Midlands and North West regions.
79% let to The Secretary of State for Housing, Communities and Local Government, who have occupied the building since 2002, offering secure income supported by strong public sector covenants.
21% let to the NHS, who have exercised their break option dated 31/03/2027.
Comprises 44,786 sqft (4,161 sqm) arranged over three floors.
Provides 167 on-site car parking spaces, equating to a parking ratio of 1:268 sqft.
The property is held Freehold under title number SF475985.
Produces a passing rent of ｣451,602 per annum, reflecting a low average rent of ｣10.08 per sqft inclusive of parking spaces.
Headline ERV of ｣551,000 per annum.
Provides a WAULT of 2.22 years to lease breaks.
100% of current income secured against UK Government-backed occupiers.
Potential asset management opportunities through upcoming lease events and future rental growth.
Proposal:
We are instructed to seek offers in excess of ｣3,300,000, subject to contract and exclusive of VAT.
A purchase at this level reflects a net initial yield of 12.85%, assuming standard purchaser's costs, and a low capital value of ｣74 per sqft.
Net Initial Yield:
12.85%
Reversionary Yield:
15.68%
Capital Value:
｣74 per sqft
Passing Rent:
｣451,602 per annum
ERV:
｣551,100 per annum