SS14 Regency House, Miles Gray Road, Basildon

For Sale: Attractive High yielding multi-let office investment offering immediate income & asset management opportunities - Basildon

The property comprises a three-storey office building that has been comprehensively refurbished and substantially extended, with works completed in late 2022.

The landlord invested approximately £5.3 million in capital expenditure, equating to circa £140 per sq ft. The original building has been significantly enhanced through the addition of a two-storey rear extension, delivering a total of 38,330 sq ft of high-quality Cat A office accommodation, complemented by generous communal areas.

The accommodation has been divided into office suites ranging from 1,000 sq ft to 7,000 sq ft.

Current total rental income: £670,617.50 per annum (£22.50 per sq ft overall).

Currently 80% let, the asset offers immediate income with strong reversionary potential. The vendor is providing a 12-month rental guarantee on the vacant accommodation.

The freehold site is 0.917 acres (0.371 hectares).

Substantial capital allowances available by way of further negotiation.

Offers invited in excess of £7,000,000 (Seven Million Pounds) representing a Net Initial Yield of 8.96%, assuming purchasers cost of 6.65%. Reflecting a low capital value of £182 per sq ft NIA.

The freehold interest of the site is held under title number: EX589133

Site Area of 0.917 acres (0.371 hectares)

The property includes a power substation on the North Eastern flank of the building.

The current service charge budge totals £135,675 equating to £4.50 per sq ft.

Further service charge information is available in the data room.

The property is elected for VAT. We anticipate the transaction will be treated by way of a Transfer of a Going Concern (TOGC).

Energy Performance Certificates are available in the dataroom.

In accordance with AML Regulations, the successful purchaser will be required to satisfy the Vendor on the source of funds for this acquisition.

There are substantial capital allowances available by way of further negotiation

Offers invited in excess of £7,000,000 (Seven Million Pounds), representing a Net Initial Yield of 8.98%, assuming standard purchaser's costs of 6.65%. Reflecting a low capital value of £182 per sq ft NIA.

Attractive High yielding multi-let office investment

Offering immediate income & asset management opportunities

38,330 ft²

Suspended ceilings with recessed LED lighting

New air conditioning system - temperature control system with air handling

8-person passenger lift

Fitted kitchen facilities to each office

WC facilities on all floors

Shower facilities

Access is via a secure electric gate leading to a private car park. The property provides excellent on-site parking, with 110 spaces, reflecting an attractive ratio of approximately 1:280 sq ft.

Basildon, situated in Essex, is the largest town and primary commercial hub in the Borough of Basildon. Located approximately 11 miles (17.6km) south of Chelmsford and 26 miles (41.6km) east of Central London, it occupies a strategic position within the northern part of the Thames Gateway, the UK's largest regeneration area.

The property occupies a prominent position fronting Miles Gray Road at its junction with Bentalls, running parallel to the A127. It is situated to the north of Basildon town centre within the well-established industrial area of Pipps Hill.