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Sutherland House, Three Bridges, Crawley RH10

For sale

• Crawley is the main centre of industry, commerce and employment between London and the South Coast.

• Excellent communications and close proximity to Gatwick Airport combined with a highly skilled workforce have attracted a range of multinational and corporate occupiers to Crawley.

• Sutherland House is located midway between Crawley and Three Bridges benefitting from easy access to both railway stations and the M23.

• The property comprises a prominent office building arranged over ground and four upper floors totalling 93,086 sq ft and with the benefit of 199 car parking spaces.

• Freehold.

• Let to Paymaster (1836) Ltd (D&B 5A1) with a guarantee from Equiniti Group Plc (Turnover of £531m and market cap in excess of £835m) with 11.8 years term certain.

• Passing rent will be topped up to £1,250,000 per annum reflecting a low rent of £13.43 per sq ft (overall) reflecting the level of fixed uplift in 2021.

• Grade A office rents in Crawley are £27.00 per sq ft and there is a lack of Grade B space due to Permitted Development Rights.

• Offers are sought in excess of £19,500,000 (Nineteen Million, Five Hundred Thousand Pounds), subject to contract and exclusive of VAT.

• A purchase at this level reflects an attractive Net Initial Yield of 6.01% exclusive of purchaser’s costs of 6.75% and a low Capital Value of £209 per sq ft.

• Applying an ERV of c.£16.50 per sq ft there is a significant reversion to c.7.4% Net Reversionary Yield

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