Summary
High Yielding Office Investment Opportunity
Location
Exeter is an historic Cathedral City in Devon, represents the principal economy west of Bristol and has outperformed most locations across the UK for job creation over the last decade. Peninsula Park is a sought after out of town business park situated 4 miles south east of Exeter town centre, with excellent road communications being alongside the A3015 which links into the M5, the A38 Devon Expressway and the A30.
Nearby occupiers include The Crown Prosecution Service, Babcock, Midas, RBS, NFU Mutual, Redrow and Aviva. Also situated on the park are the two South West Water HQ buildings totalling 34,000 sq ft.
Specification
Peninsula Park comprises a complexr of three self contained B1 office buildings set within an attractive landscaped environment totalling 1.378 hectares (3.405 acres). Constructed in the early 1990s of steel frame with brick faced elevations under pitched slate roofs, office accommodation is offered on ground and first floors. The internal specification includes the following:
- Suspended ceilings
- Recessed Cat II lighting
- Raised Floors
- Passenger lifts
- Carpeting throughout
Argal House has recently been comprehensively refurbished by the tenant to include new air conditioningg, raised floors, ceilings and lighting.
The property includes 215 car parking spaces (19 further spaces are tenant improvements), providing a ratio of 1:244 per sq ft.
Terms
We are instructed to seek offers in excess of 6,500,000 (six million, five hundred thousand pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 10.065 after normal acquisition costs of 5.8%. A purchase at this level reflects a capital value of 123.97.
VAT
The property is elected for VAT and this will therefore be payable on the purchase price. We would anticipate the sale to be dealt with by way of a Transfer of a Going Concern (TOGC).