Carew House | Railway Appr
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Carew House Railway Appr
46,013 SF 83% Leased Office Building Wallington SM6 0DX £4,250,000 (£92/SF) 10% Net Initial Yield
Investment Highlights
- 101 car parking spaces reflecting a ratio of 1:456 sq ft.
- Located on A237
- Immediately Adjacent to Wallington Station
Executive Summary
- Multi-let office investment in close proximity to Wallington town centre, and adjacent to the mainline railway station.
- Let to two tenants – Royal Marsden NHS Foundation Trust and the Secretary of State for Communities and Local Government.
- Modern office accommodation totalling 46,090 sq ft (NIA) & 54,585 sq ft (GIA).
- 101 car parking spaces reflecting a ratio of 1:456 sq ft.
- All vacant floors have been refurbished.
- Long leasehold for a term of 125 years from 24th June 1982 at a current ground rent of £87,081.85 per annum (c. 83 years unexpired).
- Multi-let to two tenants, producing a total gross rental income of £539,936 per annum (£11.71 per sq ft overall).
- Net rental income rental income of £452,854.15 per annum.
- Once vacant floors are let the property would produce a net income of £786,487.15 per annum (on ERVs).
- WAULT of 3.60 years to breaks and 4.18 years to expiries on gross income.
- Quote price fully underpinned by alternative uses.
- Let to two tenants – Royal Marsden NHS Foundation Trust and the Secretary of State for Communities and Local Government.
- Modern office accommodation totalling 46,090 sq ft (NIA) & 54,585 sq ft (GIA).
- 101 car parking spaces reflecting a ratio of 1:456 sq ft.
- All vacant floors have been refurbished.
- Long leasehold for a term of 125 years from 24th June 1982 at a current ground rent of £87,081.85 per annum (c. 83 years unexpired).
- Multi-let to two tenants, producing a total gross rental income of £539,936 per annum (£11.71 per sq ft overall).
- Net rental income rental income of £452,854.15 per annum.
- Once vacant floors are let the property would produce a net income of £786,487.15 per annum (on ERVs).
- WAULT of 3.60 years to breaks and 4.18 years to expiries on gross income.
- Quote price fully underpinned by alternative uses.
Property Facts Sale Pending
Sale Type
Investment
Property Type
Office
Tenure
Freehold
Building Size
46,013 SF
Building Class
B
Year Built
1985
Price
£4,250,000
Price Per SF
£92
Net Initial Yield
10%
NOI
£425,000
Percent Leased
83%
Tenancy
Multiple
Number of Floors
6
Typical Floor Size
7,669 SF
Building FAR
1.30
Lot Size
0.81 AC
Parking
25 Spaces (0.54 Spaces per 1,000 SF Leased)
Amenities
- EPC - D
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
Carew House comprises a six storey office building which was constructed in the mid 1980s & arranged on lower ground, ground and four upper floors.
| Space | Size | Space Use | Condition | Available |
| 4th Floor | 7,938 SF | Office | Partial Build-Out | Now |
4th Floor
| Size |
| 7,938 SF |
| Space Use |
| Office |
| Condition |
| Partial Build-Out |
| Available |
| Now |
4th Floor
| Size | 7,938 SF |
| Space Use | Office |
| Condition | Partial Build-Out |
| Available | Now |
Carew House comprises a six storey office building which was constructed in the mid 1980s & arranged on lower ground, ground and four upper floors.
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Carew House | Railway Appr
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