Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

Documents

I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. Approval for Deal Room access requires review by our Broker Team. You will be notified by email once your access is granted. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.
I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Tenure Type Freehold
Building Area
Land Area ()
Number of units 1

Property Description

Centenary House comprises a self-contained headquarters office building totalling approximately 36,092 sq ft (NIA), arranged over ground and two upper floors. The property occupies a prominent town centre site extending to approximately 1.8 acres.

Investment Highlights

  • Basingstoke is an established and affluent South East office location, benefiting from excellent connectivity to the M3 Motorway and within a 47-minute train journey of Central London.
  • Centenary House occupies a prominent town centre location on Winchester Road, within walking distance of Festival Place Shopping Centre and Basingstoke railway station.
  • Freehold site totalling approximately 1.8 acres.
  • Headquarters office building totalling approximately 36,092 sq ft (NIA), with highly flexible floorplates arranged over ground, first and second floors.
  • Comprehensively refurbished in 2014 and benefiting from BREEAM ‘Excellent’ and EPC ‘A’ ratings.
  • 117 surface car parking spaces, providing an excellent town centre ratio of 1:308 sq ft.
  • Fully let on FRI terms to Kier Construction Ltd (guaranteed by Kier Ltd) for a term of 20 years expiring on 20th December 2037 (16.8 years unexpired).
  • Kier Construction is a highly established contractor, benefiting from a significant number of substantial construction contracts across the UK including schools, colleges, hospitals and offices.
  • Tenancy subject to annual RPI-linked rent reviews (compounded and payable 5-yearly), collared and capped at 2.00% and 4.00% respectively.
  • The vendor is to provide a rental top-up to £730,155 per annum / £20.23 per sq ft overall.

 

We are instructed to seek offers in excess of £11,400,000 for the freehold interest, subject to contract and exclusive of VAT. Based upon purchaser’s costs of 6.71%, an acquisition at this level provides the following investment profile:

 

  • Initial Yield – 6.00% (topped up).
  • Capital Value - £316 per sq ft.
Last Updated Date: 24 Mar 2021
Sam Gibson
Sam Gibson
Director - National Investment
Jonathan Turner
Jonathan Turner
Surveyor - National Investment

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Last Updated Date: 24 Mar 2021

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