South East Office Investment Opportunity With One Further Rpi Increase
Bedford is the county town of Bedfordshire located 50 miles (80 km) north of London, located between A1 and M1. The property is situated on Manton Lane, north of Bedford Town Centre. The two buildings, “The Main Building” & “The Annex”, refurbished in 2006 have the following specifications; Replacement double-glazed aluminium windows, Suspended ceilings, Raised access floor, Air conditioning. The property comprises 112,114 sq ft (10,415.64 sq m) with 430 car parking spaces (1:238 sq ft).
Freehold.The property is occupied by Secretary of State for Communitites & Local Government (Highways Agency), R K Harrison Insurance Brokers Ltd & Amey LG Ltd. There is a WAULT of 7.30 years. The property produces a rent of £1,072,375 per annum, equating to £9.56 per sq ft. The Highways Agency element is subject to the higher of OMRV or RPI geared capped and collared at 1-3% in 2019. The property was sold for for £11 million reflecting a NIY of 9.13%.