Multi Let Attractive Office Building

2.04 Acre Site Area

Freehold For Sale

Location

Meadway Court is situated on Rutherford Close off Gunnels Wood Road. To the immediate south of the property on Gunnels Wood Road is the prime industrial location in Stevenage which hosts schemes such as The Gunnels Wood Park Estate. Gunnels Wood Road is an important location for industrial occupiers needing easy access to the Midlands and Southern Markets in the UK. Stevenage benefits from excellent road communications, with Junctions 7 and 8 of the A1(M) approximately 2 miles from Meadway Court. The A1(M) also provides further quick access to the M25, M1 and M11. Stevenage railway station is a short walk from the property and benefits from frequent services to London Kings Cross and Moorgate, with a travel time of approximately 19 mins and 35 minutes, respectively. Stevenage is also home to influential global occupiers including Airbus Defence and Space, Fujitsu, GSK and MBDA and has an increasing demand for life science occupiers.

Description

Meadway Court is a modern office complex constructed around an attractive central courtyard. The building are arranged over two and three storeys within a landscaped area providing dedicated onsite car parking for 196 cars. The building is split up into 24 self contained office suites all with their own self contained entrance, benefitting from four passenger lifts, suspended ceilings, excellent natural light, gas central heating and air conditioning.

Key Features

• Multi-let to 24 tenants providing immediate opportunity to increase the rental income.
• Attractive modern office building arranged as four interconnecting buildings
• Constructed around an attractive central courtyard
• 196 car parking spaces
• 2.04 arce site area
• Total current income: £619,817.96 pax
• Occupiers including Trustatrader.com, The Video Standards Council and Brown & Lee.
• Ideal for future development
• SPV can be purchased
• Stevenage is undergoing major £1 Billion regeneration programme

Available area

The accommodation comprises the following areas:

Tenancies/ Income

The building is currently Let to 22 separate tenants on proportional Full Repairing & Insuring Leases for terms of 5- 10 years expiring from July 2026 to January 2036 at a total current rental income of £619,817.96 pax.

Three further units totalling 3,953 Sqft are currently vacant.

Once the building is fully Let ERV is £685,042.46 pax.

Corporate Purchase

The property is held in a UK SPV which is available to acquire by way of a corporate transaction significantly reducing purchaser’s costs.

Freehold Price

£6,500,000 plus Vat with the benefit of the current income and tenancies equating to a Yield of 9.53%

TOGC

The sale will be treated as a TOGC.

Identification

In accordance with Anti-Money Laundering Regulations, two forms of identification will be required from the successful purchaser.

Viewings

Strictly by appointment through owner’s Sole agents as above.