Britannia House, Leek, Staffordshire

Sold

SOLD - Britannia House, Leek

Investment summary 

  • Headquarters office building let to Capita Business Services Ltd; previously the HQ for Britannia Building Society
  • Good quality largely open plan, air conditioned offices comprising 92,344 ft (NIA) constructed in the early 1990’s
  • 579 car spaces providing an excellent ratio of 1:159 sq ft
  • Located in the historic town of Leek in Staffordshire approximately 9 miles north east of Stoke and 25 miles south of Manchester
  • To be let on a new 20 year full repairing and insuring lease
  • Subject to 5 yearly rent upward only reviews linked to RPI. Capped at 3% and compounded annually
  • Lease to Capita Business Services Ltd - D & B 5A1 and a major constituent part of FTSE 100 parent company Capita Plc
  • Initial rent £750,000 per annum (£8.12 per sq ft overall)

 

Proposal

We are seeking offers in excess of £11,726,000 (Eleven Million Seven Hundred and Twenty Six Thousand Pounds) to show a net initial yield of 6.0% (net of 6.6% costs) subject to contract and exclusive of VAT.

Assuming purchaser`s costs of 6.6% and annual RPI increases at say 2.5%, a purchase at this level would reflect the following attractive yield profile:

                 Running Yield
Year 1        6.00%
Year 5        6.79%
Year 10      7.68%
Year 15      8.69%

 

STATUS - SOLD

 

 

Location

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Next steps

Contact Us

Andrew Mitchell
T 020 7544 2242
M 07901 518 749
E andrew.mitchell3@capita.co.uk

 

Andrew Richardson
T 0161 819 4234 
M 07544 588768
E andrew.richardson@capita.co.uk