£7,000,000
(£231.98/sq. ft)
Office for saleOffice Investment, Regency House, Miles Gray Road, Basildon SS14
30,175 sq. ft
About this property
The subject property has 30,150 sq ft net lettable area (nla) of Grade A multi-let office accommodation from a total of 38,330 sq ft (NIA).
The property was refurbished and extended in 2022 to an excellent specification following £5.3m of capex (£140 psf), resulting in best in class office suites, with low total occupancy costs
The accommodation has been divided into office suites ranging from 1,000 sq ft to 7,000 sq ft
Current total rental income: £670,617.50 per annum (£22.50 per sq ft overall)
The freehold site is 0.917 acres (0.371 hectares).
Offers invited in excess of £7,000,000 (Seven Million Pounds) representing a Net Initial Yield of 8.96%, assuming purchasers cost of 6.65%. Reflecting a low capital value of £182 per sq ft NIA.
The property comprises a three-storey office building that has been comprehensively refurbished and substantially extended, with works completed in late 2022.
The landlord invested approximately £5.3 million in capital expenditure, equating to circa £140 per sq ft. The original building has been significantly enhanced through the addition of a two-storey rear extension, delivering a total of 38,330 sqft of high-quality Cat A office accommodation, complemented by generous communal areas.
Location
Basildon, situated in Essex, is the largest town and primary commercial hub in the Borough of Basildon. Located
approximately 11 miles (17.6km) south of Chelmsford and 26 miles (41.6km) east of Central London, it occupies a strategic
position within the northern part of the Thames Gateway, the UK’s largest regeneration area.
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