Estate Office is proud to announce two recent commercial investment transactions totalling c. £7.4 million.
Bridge House in Dudley is a 42,841 ft2 modern office building within close proximity to the Merry Hill Shopping Centre. The property is let to The Secretary of State and Local Government with a term certain of 6.5 years at a gross rent of £544,000 per annum / £13.25 psf. We acquired the property for our UK propco clients for approximately £4 million, reflecting a high net initial yield of c. 13.32% and a low capital value of £93.37 psf.
Our clients that acquired Bridge House are urgently seeking other similar properties for acquisition, specifically secondary high-yielding office investments single let to the Government, up to £6 million and anywhere in England. If you own or aware of any such properties, please contact Barry Marshall, Head of Commercial Investments for Estate Office Property Consultants on 0207 266 8500 or firstname.lastname@example.org.
The second property that we recently transacted on was the Poundland at 314-318 North End Road in Fulham, West London. This retail investment property comprises a retail unit over ground and basement floors totalling 7,525 ft2. The upper parts (18 apartments) had been previously sold off on Virtual Freeholds. The unit is let on FRI terms to Poundland Ltd for 15 years from 14 June 2013 (13.6 years unexpired term certain), producing a rent of £180,000 per annum / £23.92 psf (overall), with upward only rent reviews to open market rental value every 5 years. We sold the 998 year Virtual Freehold of the retail unit for our overseas clients for c. £3.4 million, reflecting a net initial yield of c. 5%. The property was purchased by overseas investors.
To learn more about Estate Office Property Consultants and to view our current commercial investment instructions, please visit our website atwww.estate-office.com.