Carew House Railway Appr 45,830 SF 83% Leased Office Building Wallington SM6 0DX $5,646,790 ($123.21/SF) 10% Cap Rate
INVESTMENT HIGHLIGHTS
- 101 car parking spaces reflecting a ratio of 1:456 sq ft.
- Located on A237
- Immediately Adjacent to Wallington Station
EXECUTIVE SUMMARY
- Multi-let office investment in close proximity to Wallington town centre, and adjacent to the mainline railway station.
- Let to two tenants – Royal Marsden NHS Foundation Trust and the Secretary of State for Communities and Local Government.
- Modern office accommodation totalling 46,090 sq ft (NIA) & 54,585 sq ft (GIA).
- 101 car parking spaces reflecting a ratio of 1:456 sq ft.
- All vacant floors have been refurbished.
- Long leasehold for a term of 125 years from 24th June 1982 at a current ground rent of £87,081.85 per annum (c. 83 years unexpired).
- Multi-let to two tenants, producing a total gross rental income of £539,936 per annum (£11.71 per sq ft overall).
- Net rental income rental income of £452,854.15 per annum.
- Once vacant floors are let the property would produce a net income of £786,487.15 per annum (on ERVs).
- WAULT of 3.60 years to breaks and 4.18 years to expiries on gross income.
- Quote price fully underpinned by alternative uses.
- Let to two tenants – Royal Marsden NHS Foundation Trust and the Secretary of State for Communities and Local Government.
- Modern office accommodation totalling 46,090 sq ft (NIA) & 54,585 sq ft (GIA).
- 101 car parking spaces reflecting a ratio of 1:456 sq ft.
- All vacant floors have been refurbished.
- Long leasehold for a term of 125 years from 24th June 1982 at a current ground rent of £87,081.85 per annum (c. 83 years unexpired).
- Multi-let to two tenants, producing a total gross rental income of £539,936 per annum (£11.71 per sq ft overall).
- Net rental income rental income of £452,854.15 per annum.
- Once vacant floors are let the property would produce a net income of £786,487.15 per annum (on ERVs).
- WAULT of 3.60 years to breaks and 4.18 years to expiries on gross income.
- Quote price fully underpinned by alternative uses.
PROPERTY FACTS Sale Pending
Sale Type
Investment
Property Type
Office
Tenure
Freehold
Building Size
45,830 SF
Building Class
B
Year Built
1985
Price
$5,646,790
Price Per SF
$123.21
Cap Rate
10%
NOI
$564,679
Percent Leased
83%
Tenancy
Multiple
Building Height
6 Stories
Typical Floor Size
7,938 SF
Building FAR
3.90
Lot Size
0.27 AC
Parking
25 Spaces (0.54 Spaces per 1,000 SF Leased)
AMENITIES
- 24 Hour Access
- Signage
- Reception
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- CONDITION
- AVAILABLE
The space on the fourth floor provides the following specification New VRF air conditioning, New LED lighting, New mineral fibre suspended ceiling, Double glazing, Raised floor, Fitted kitchenette, Male & female WCs.
| Space | Size | Space Use | Condition | Available |
| 4th Floor | 7,938 SF | Office | Partial Build-Out | Now |
4th Floor
| Size |
| 7,938 SF |
| Space Use |
| Office |
| Condition |
| Partial Build-Out |
| Available |
| Now |
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