Office

Leander House, 4600 Parkway, Solent Business Park, Fareham 

 

Price: £7,360,000 - Initial Yield:9.62%

Date: Q1 2018

Acting on behalf of Oaktree/Patrizia we advised on the sale of this well secured ‘List X’ office building to Wesleyan Assurance Society for £7.36m, reflecting a net initial yield of 9.62%.

The property comprises a two storey office building with a net internal area of 45,311 sq ft. The building has ‘List X’ status, which is key to the tenant’s operations. Fully let to Northrop Grumman UK Limited on 2 coterminous leases at a total passing rent of £755,000 per annum (£16.91 per sq ft on the office accommodation). Northrop Grumman UK Limited have a D&B rating of 3A1, representing a minimum risk of business failure. A bank guarantee is held in the sum of £4.5m amounting to approximately 6 years of rental cover; income is therefore undoubted.

Contact

Simon Lewis

Tel: 020 7493 3330
Mob: 07831 527 960
slewis@lewisellis.co.uk

Tony Burling

Tel: 020 7493 3330
Mob: 07860 555 769
tburling@lewisellis.co.uk

James Elkington

Tel: 020 7493 3330
Mob: 07810722459
jelkington@lewisellis.co.uk


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