Office - Investment - Lakeside Court - Nottingham
The property comprises two 1990s office buildings, of steel frame construction with brick elevations and pitched tile roofs. Both buildings benefit from a good office specification including raised floors, suspended ceilings, perimeter radiators and mechanical ventilation.
Nottingham is a major UK commercial centre and the beating heart of the East Midlands, both commercially and administratively due in part to its strategic location next to the M1 motorway approximately 130 miles north of London and 53 miles north east of Birmingham.
· Two adjacent office buildings of 24,047 sq ft (2,234 sq m) and 28,114 sq ft
(2,611.9 sq m) totalling 52,161 sq ft (4,845.9 sq m)
· 100% let
· 86% of income to UK Government Departments including the Secretary of State, Highways Agency and Nottinghamshire Police
· 14% let to the excellent covenant of E.ON, a large occupier locally
· Excellent car parking provision of 1:193 sq ft
· Current income of £534,811 per annum, reflecting re-based rents of £10 - £10.50 per sq ft
· WAULT of 3.58 years to breaks and 6.15 years to lease expiries
· 999 Year Long Leasehold from December 1995
· Offers in the region of £5,250,000, subject to contract
· Net initial yield of 9.63% net of purchases costs of 5.8%
· Capital value per sq ft of £100.65