Guide Price

£3,590,000.00

Property Type

Investment Property

Size

2862 sqm / 30816 sqft

Tenure

For Sale

Description

Rare opportunity to acquire a “Mission Critical” Government let office building, let off low rents where the new leases demonstrate a compelling occupational story.

Located in Newport, one of the largest cities in Wales and the gateway from England into Wales.

Situated in Mission Court, a modern mixed-use development in the city centre within a short walk of the new Friars Walk Shopping Centre and Newport Train Station.

Modern, Grade A 3 storey office building totalling 30,816 sq ft (2,862 sq m) constructed in 2006. The property is of steel frame construction with cavity block wall elevations with an external render finish.

The building offers flexible floor plates arranged as two wings either side of a central core with two lifts and male and female WCs on each floor. There are two principal entrances to the front and rear of the building with a further side entrance utilised solely by the Probation Service occupier.

The property is fully let via two separate leases, to the Probation Service and Tribunal Services (both Government occupiers) with a Weighted Average Unexpired Lease Term of 9.63 years to Lease Expiries (5.07 years to Break Options).

Let off low rents with a total rent of £308,135 per annum (£10 per sq ft). 5 yearly rent reviews, part linked to RPI (1%-4%).

Exceptional car parking ratio of 1:835 sq ft.

Mission Court has become a Public Sector Hub with neighbouring occupiers including Newport Magistrates Court, The Passport Office and Newport City Homes in addition to the occupiers within Usk House itself.

Strong occupational story with a new lease to the Tribunal Services and the Probation Service expanding into new space and taking a new lease, having been in occupation for a number of years previously.

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