Miles Gray Rd - Office FOR SALE


Basildon, ESS SS14 3RW
$7,600,000 USD
126-843-7431
Miles Gray Rd, Basildon, ESS for Sale
$7,600,000 USD
Office - FOR SALE
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null | Request Cap Rate

Miles Gray Rd
Basildon, ESS SS14 3RW


HIGHLIGHTS

  • The property was refurbished and extended in 2022 to an excellent specification following £5.3m of capex (£140 psf)
  • Marketing Rent Roll: £670,618 per annum (£22.50 psf overall)
  • Asset management opportunities include adding PV solar panels to the roof, to sell the power direct to the tenants and surplus back to National Grid
  • Offers invited in excess of £7,600,000, representing a Net Initial Yield of 8.27%, assuming standard purchaser's costs of 6.66%
  • The property is 80% let, with 12 month vendor rental guarantees on the remainder

OVERVIEW

Basildon is a major business centre in Essex, with a population of circa 187,600 and the second largest economy along the eastern section of the river Thames after Canary Wharf. The town lies 26 miles east of Central London, 11 miles south of the city of Chelmsford and 10 miles west of the city of Southend-on-Sea. It was created as a new town after World War II in 1948, to accommodate the London population overspill. Many of Basildon’s residents work in Central London, due to the town being well connected in the county to the City of London and the Docklands financial and corporate headquarters districts, with a 40 minute journey from the three Basildon stations with links into London Fenchurch Street. Modern High Yielding Mulit-Let Office Investment with Asset Management Angles The property comprises a three-storey office building which has recently been heavily refurbished and extended with works completed in late 2022. The landlord invested £5.3m on the capex or circa £140 psf. The original property has been substantially extended with a two-storey building to the rear providing office space totaling 38,330 sq ft of Cat A office accommodation with generous communal space. Access to the property is via a secure electric gate into the car park. The property has excellent parking provision for 110 vehicles or 1:280 sq ft ratio. Refurbished Cat A accommodation with generous communal space Raised floors Suspended ceilings with recessed LED lighting New air conditioning 8 person lift Kitchen Ground floor reception WC's on all floors Cycle storage Showers Parking ratio 1:280 sq ft

FOR SALE DETAILS

PRICE

$7,600,000 USD

PRICE/SF

$198 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Regency House

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

3

BUILDING CLASS

B

YEAR BUILT

1999

SPRINKLERS

-

PARKING SPACES

109

LAND DETAILS

LAND ACRES

0.95 AC

LAND SF

41,382 SF

ZONING

-

APN/PARCEL ID

AA62065,EX361144,EX378498

ASK ABOUT THIS PROPERTY

Jonny DoultonStrettonsMore Info
126-843-7431

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Jonny DoultonStrettonsMore Info
126-843-7431

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.