Investment Properties: Bridge House, Waterfront East, Merry Hill, Dudley, DY5 1XR
Bridge House, Waterfront East, Merry Hill, Dudley, DY5 1XR
OIEO £5,550,000 subject to contract
- Well located office building let to the Secretary of State.
- Prominently positioned on The Waterfront Business Park within close proximity to the Merry Hill Shopping Centre (10 miles west of Birmingham city centre).
- Provides a modern office building totalling 42,841 sq ft and benefiting from excellent parking provision.
- Long leasehold interest (222 years unexpired at a peppercorn rent).
- Let to The Secretary of State for Communities and Local Government with a term certain of 3.4 years (and 9.4 years to lease expiry).
- Gross passing rent of £544,000 equating to £13.25 psf.
- Potential to convert to residential use from April 2021 (not subject to Article 4 directions).
- Offers are invited in excess of £5,550,000 (Five Million Five Hundred and Fifty Thousand Pounds).
- Assuming purchaser’s costs of 6.6%, this reflects a very attractive Net Initial Yield of 9.19% and a low capital value of £129 per sq ft.