Residential - Investment - Edinburgh House - St. Albans
- Opportunity to acquire a prominent freehold building
- Currently let to Hertfordshire Partnership University NHS Foundation Trust
- Current rental income of £158,400 per annum, equating to a low passing rent of £22.43 per sq ft
- Potential for conversion to residential under Permitted Development Rights
- Offers in excess of £1,400,000, reflecting 10.69% NIY and a low capital value of £210 per sq ft
The property comprises an attractive end of terrace office building, constructed in 1988. Arranged over three floors, the main entrance to the building is from London Road with access to the secure car park at the rear via Keyfield Terrace.
The accommodation is predominantly arranged over first and second floors, with a small reception area and passenger lift lobby on the ground floor. The car park encompasses most of the ground floor.
Internally the office areas benefit from good natural light and an eight person passenger lift to all floors. Each floor benefits from a male and female WC.
The total net internal area is 7,063 sq ft (656.2 sq m)
The property benefits from 21 car parking spaces at ground level, behind glazed screening fronting the road, and currently provides an excellent town centre parking ratio of 1:336 sq ft.
At roof level there is a flat roof behind a slate screening and a feature turret which provides further opportunity to increase massing (subject to receipt of necessary consents).
Edinburgh House occupies a prominent position on the corner of London Road and Marlborough Road in St Albans city centre.
St Albans City railway station is nearby, which provides services to London St Pancras (fastest journey time of 18 minutes). Additionally, St Albans Abbey railway station provides services to Watford Junction (average journey time of 16 minutes)
The subject property is located on the A1081 London Road, which is the main arterial route to the M25 (Junction 22). This also provides access to the A414 North Orbital Road and the national motorway network via the M1 (Junction 6).
Prime shopping pitches are approximately a 0.3 mile walk to the North West and the Thameslink railway station is approximately 0.4 miles to the North East, both within a few minutes’ walk.
Immediate surroundings comprise a mixture of office, retail and residential properties.
The property is held Freehold.
The entire property is let to Hertfordshire Partnership University NHS Foundation Trust on a lease expiring 18 April 2015 at a rent of £158,400 per annum.
We are instructed to seek offers of £1,400,000 (One Million, Four Hundred Thousand Pounds), subject to contract, which reflects an attractive net initial yield of 10.69% after purchaser’s costs of 5.80% and a low capital value of £210 per sq ft.
For further information or to arrange an inspection please contact the sole agents
Rail services operate from St Albans City station, providing a fastest journey time to St Pancras International of 18 minutes.
The historic city is immediately north-east of the M1/M25 interchange (Junction 21A) and east of A1 (M) (Junction 3).