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Three Bridges, Crawley RH10

A SOUTH EAST OFFICE WITH REDEVELOPMENT POTENTIAL
For sale
  • Located in Crawley, close to Gatwick Airport and the main centre for business between London and the south coast.
  • Prominent office totalling 93,086 sq ft.
  • Short walk to the railway station and very close to the M23 and Gatwick Airport.
  • Freehold (significant site area of 1.83 acres).
  • Let to D&B 5A 1 covenant with parent company guarantee (valued at £673m).
  • 10.1 years term certain (no breaks).
  • Very low rent of £13.43 per sq ft.
  • Headline rents in Crawley reflect £27.50 per sq ft.
  • Tenant has been in occupation for over 50 years.
  • Numerous medium and long-term opportunities to add value to the asset.
  • Highly reversionary with a low Capital Value (£ per sq ft).
  • Offers are sought in excess of £18,750,000 (Eighteen Million, Seven Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT.
  • A purchase at this level reflects an attractive Net Initial Yield of 6.25% exclusive of purchaser’s costs of 6.74% and a low Capital Value of £201 per sq ft.
  • Applying an ERV of c.£16.50 per sq ft there is a significant reversion to 7.67% Net Reversionary Yield.
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