• Broker Aidan Baker 1919179447
  • Broker Aleksander Roszczyniala 1919179447

Swallow House Parsons Rd 5,864 SF Office Building Washington NE37 1EZ £535,000 (£91.23/SF) 9.44% Net Initial Yield

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INVESTMENT HIGHLIGHTS

  • The property comprises a detached office building which has been extended being of framed construction with brick elevations beneath a flat roof.
  • The building is currently attached into three further buildings each with self-contained access.
  • The office accommodation is generally arranged on a carpet covered floor with painted plaster walls and a suspended ceiling with recessing lights.
  • The windows to the property are uPVC framed and double glazed.
  • The offices are finished to a good standard with bespoke reception, open plan office accommodation with demountable partitioning

EXECUTIVE SUMMARY

Offers in the region of £535,000 exclusive of VAT are invited for the freehold interest reflecting a Net Initial Yield of 9% assuming standard purchase cost of 5.54%.
The property is let to Essci Technical Services Limited for a term of 5 years from the 2nd of October 2018 with break on the 1st of October 2021 with a current rent of £50,490 per annum exclusive. The Tenant has been in occupation since 2006.
There is a Schedule of Condition attached to the lease.

ATTACHMENTS

Marketing Brochure/Flyer

PROPERTY FACTS

Sale Type
Investment
Property Type
Office
Tenure
Freehold
Building Size
5,864 SF
Building Class
C
Year Built
1980
Price
£535,000
Price Per SF
£91.23
Net Initial Yield
9.44%
NOI
£50,490
Tenancy
Single
Number of Floors
2
Typical Floor Size
3,139 SF
Building FAR
0.96
Lot Size
0.14 AC
Parking
20 Spaces (3.41 Spaces per 1,000 SF Leased)

AMENITIES

  • Demised WC facilities
  • Open-Plan
  • Recessed Lighting

ABOUT PARSONS RD , WASHINGTON, TWR NE37 1EZ

The property comprises a detached office building which has been extended being of framed construction with brick elevations beneath a flat roof. The windows to the property are uPVC framed and double glazed. The building is currently attached into three further buildings each with self-contained access. The offices are finished to a good standard with bespoke reception, open plan office accommodation with demountable partitioning to create meeting rooms and individual WC and kitchen facilities. The office accommodation is generally arranged on a carpet covered floor with painted plaster walls and a suspended ceiling with recessing lights. There are 20 car park spaces included adjacent to the office.

MAJOR TENANTS

  • TENANT
  • INDUSTRY
  • SF OCCUPIED
  • RENT/SF
  • LEASE END
  • Construction
  • -
  • -
  • -

We are one of the largest technical service providers in the UK and Ireland, with extensive expertise and experience in engineering services, technical facilities management and systems integration.

TENANT INDUSTRY SF OCCUPIED RENT/SF LEASE END
Construction - - -

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ADDITIONAL PHOTOS

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