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6 Research Way 16,822 SF Office Building Plymouth PL6 8BU $3,501,212 ($208.13/SF) 8.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Prime Medical Investment
- New 10 year lease
- Strong income stream from an excellent covenant
- Established medical, life science and professional hub
- Rental income of £235,000 pa
- Net Initial Yield 8.5%
EXECUTIVE SUMMARY
The property is being sold by way of a sale and leaseback. The new lease will commence upon completion of the sale and the tenant will be Express Diagnostics Ltd. The lease will be of the whole building on full repairing and insuring terms. It will be a 10 year lease with a 5 year tenant only break clause. Rent reviews will be upwards only at the 5th year. The commencing rent will be £235,000 pa.
The long leasehold of this investment opportunity is available for the guide price of £2.6 million providing a yield of 8.5%.
The long leasehold of this investment opportunity is available for the guide price of £2.6 million providing a yield of 8.5%.
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Tenure
Long Leasehold
Property Subtype
Medical
Building Size
16,822 SF
Building Class
B
Year Built
2004
Price
$3,501,212
Price Per SF
$208.13
Cap Rate
8.50%
NOI
$297,603
Tenancy
Single
Building Height
3 Stories
Typical Floor Size
5,607 SF
Parking
54 Spaces (3.21 Spaces per 1,000 SF Leased)
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6 Research Way
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