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First Quarter, Blenheim Road, Epsom, KT19 9QN

28,660 sq ft (2,664 sq m)

Description

First Quarter was constructed in the late 1980’s and comprises 18 two-storey business units offering a mix of high quality offices and warehouse business space. The units are of steel portal frame construction with brick cavity walls and steel profiled cladding at first floor level. There are a total of 87 on-site car parking spaces, thereby providing an excellent ratio of 1 space per 328 sq ft.  

  • Unique opportunity to acquire a multi-let business space and industrial/warehouse investment in a key Greater London area.
  • Strategically located close to J9 of the M25 with access to the national motorway network.
  • A modern estate of 18 units totalling approximately 28,660 sq ft (2,662.6 sq m) GIA.
  • Fully let to 15 tenants with an average weighted unexpired lease term of approximately 3.7 years and 1.7 years to breaks.
  • New lease terms have been agreed with solicitors instructed on Units 14 and 18.  The owners are prepared to top up the rents for both lettings until lease completion, thereby increasing the rental income to £508,792 per annum.
  • Potential reversionary rent of £587,530 per annum, reflecting a market rent at £20.50 per sq ft.Site extends to 1.213 acres (0.491 hectares).
  • Let to a range of SMEs with tenants including Stulz UK, Trafag (UK) and Stego UK.Freehold.
  • The property is elected for VAT.
  • Offers are invited in excess of £9,300,000 (Nine Million Three Hundred Thousand Pounds) for the freehold interest, subject to contract and exclusive of VAT.
  • A purchase at this level would reflect, subject to the rental top ups, a net initial yield in the region of 5.1% after allowing for purchaser’s costs of 6.65%, with a capital value of £324 per sq ft.
  • When adopting market a rental value of £20.50 per sq ft on all units, this would provide a potential reversionary rent of £587,530 per annum, reflecting an increased yield to 5.9%.

 


 


Viewing

Viewing strictly by prior appointment with the sole agent:

Bob Cattaneo

T: 07966 478472
E: Email Agent

Andrew Armiger

T: 07973 207424
E: Email Agent

Adam Soliman

T: 07714 759701
E: Email Agent

David Keates

T: 07879 695525
E: Email Agent

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