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Accommodation
The property has been measured by BKR Floor Plans and provides the following accommodation:
| Ground Floor | 1,374.46 sq m | 14,795 sq ft |
| First Floor | 1,317.60 sq m | 14,183 sq ft |
| Total | 2,692.06 sq m | 28,978 sq ft |
A set of floor plans is available to download and the measured survey will be re-addressed to a purchaser at a cost of £960 + VAT.
Rateable Value
According to the Valuation Office website the rateable value for the property is £265,000.
The business rates multiplier is 0.546.
Site
The site area is approximately 0.41 hectares (1.01 acres).
A desktop environmental report by Argyll Environmental dated 11th February 2025 states that the overall risk of contaminated land is Low and no action is required.
Tenure
Freehold.
Tenancy
The property is let to the Environment Agency on a full repairing and insuring lease from 29th April 2023, expiring on 24th March 2028.
There is a tenant break option on 23rd June 2026 and three-monthly rolling break options thereafter, subject to six months’ notice.
The current passing rent is £325,000 per annum (£120.72 per sq m / £11.21 per sq ft overall).
The tenant has been in occupation since 2006 and entered into a lease renewal effective from April 2023. The rent has been re-based from a previous rent of £450,000 per annum.
VAT
The property has been opted for tax and it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
Proposal
We are instructed to seek a figure of £2,300,000 (Two Million, Three Hundred Thousand Pounds), subject to contract. This price reflects a net initial yield of 13.3%, assuming purchasers’ costs of 6.34%, and a capital value of £854 per sq m / £79 per sq ft.
Please note that a purchaser will be re-charged the cost of the measured survey (£960 + VAT) and searches (£1,823.23) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of £10,000 + VAT.
Investment Considerations
A high yielding office investment;
Undoubted income, being let to the Government (Environment Agency);
The tenant has been in occupation since 2006 and entered into a lease renewal effective from April 2023;
Re-based rent;
Potential to add value via refurbishment or repositioning;
Freehold;
A purchase at the asking price reflects an attractive yield;
Low capital value.
