£2,050,000
(£106.72/sq. ft)
Office for saleInvestment For Sale, Lakeside House And Winder House, Kingfisher Way, Stockton On Tees TS18
19,209 sq. ft
Freehold
About this property
Sale of Office Investment
2 Detached Offices
3 Core Tenants
Freehold
Passing rent of £249,717 pax
Standing in an established commercial environment, the Business Park
enjoys a strategic location close to the A66 trunk road. The A66(T) provides a
direct link to the A1(M) to the west and A19(T) to the east. The park is located
within the Preston Farm area of Teesside and forms one of the main business
locations for the Teesside conurbation housing a number of local, national
and international occupiers.
Investment summary
• 2 detached offices totalling 1,785 m2 (19,209 sq ft) NIA.
• 3 core tenants: Knights Law, Billions Europe Ltd and Aspire
Technology Solutions Ltd plus sub lease to Handelsbanken.
• Grade A offices.
• Passing rent of £249,717 per annum exclusive and reversionary rent of £254,748 pax based on modest assumptions of £13.00 psf pax at review and renewal over the next 3 years term.
• Freehold.
• We are instructed to seek offers at £2,050,000 (Two Million and Fifty thousand Pounds exclusive), subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 9.54 % (allowing for purchaser’s costs at 6.29%) and a potential reversionary rent following Market Rent Reviews of 11.46%.
• Modest capital value of £106.72 psf.
• The properties have been elected for VAT and it is envisaged that the transaction will be treated as a togc.
Two modern detached office buildings purpose built in c 2006. A river side setting with views over the River Tees.
Price
We are instructed to seek offers at £2,050,000 (Two Million and Fifty Thousand Pounds exclusive), subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 9.54 % ni (allowing for purchaser’s costs at 6.29%) and a potential reversionary rent following Market Rent Reviews of 11.46%. A purchase at this level reflects a modest capital value of £106.72 psf.
Accommodation:
Lakeside House: 13,122.00 sqft
Winder House: 6,087.00 sqft
Total: 19,209.00 sqft
enjoys a strategic location close to the A66 trunk road. The A66(T) provides a
direct link to the A1(M) to the west and A19(T) to the east. The park is located
within the Preston Farm area of Teesside and forms one of the main business
locations for the Teesside conurbation housing a number of local, national
and international occupiers.
Investment summary
• 2 detached offices totalling 1,785 m2 (19,209 sq ft) NIA.
• 3 core tenants: Knights Law, Billions Europe Ltd and Aspire
Technology Solutions Ltd plus sub lease to Handelsbanken.
• Grade A offices.
• Passing rent of £249,717 per annum exclusive and reversionary rent of £254,748 pax based on modest assumptions of £13.00 psf pax at review and renewal over the next 3 years term.
• Freehold.
• We are instructed to seek offers at £2,050,000 (Two Million and Fifty thousand Pounds exclusive), subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 9.54 % (allowing for purchaser’s costs at 6.29%) and a potential reversionary rent following Market Rent Reviews of 11.46%.
• Modest capital value of £106.72 psf.
• The properties have been elected for VAT and it is envisaged that the transaction will be treated as a togc.
Two modern detached office buildings purpose built in c 2006. A river side setting with views over the River Tees.
Price
We are instructed to seek offers at £2,050,000 (Two Million and Fifty Thousand Pounds exclusive), subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 9.54 % ni (allowing for purchaser’s costs at 6.29%) and a potential reversionary rent following Market Rent Reviews of 11.46%. A purchase at this level reflects a modest capital value of £106.72 psf.
Accommodation:
Lakeside House: 13,122.00 sqft
Winder House: 6,087.00 sqft
Total: 19,209.00 sqft
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