The property is located on Grove Park, the premier office and business park in the East Midlands. The property comprises a modern two story office building built in 2005 and extending to 2,106 sq.ft. The property is let to My Home Move Ltd for a term of 5 years with effect from 7 October 2016. The lease is held on FRI terms and the current passing rent is £33,600 per annum (£15.95 per sq.ft). Offers sought in excess of £490,000 which reflects a net initial yield of 6.55%, assuming costs of purchase of 4.74%.
Franck-Steier Price has recently completed the sale of a modern business park office on the established Grove Park Business Park in Leicester.
The property comprises a modern mid terraced office building totalling 2,106 sq.ft in a landscaped environment with self contained car park. The offices were built in 2005 and benefit from 10 car parking spaces.
The building is let to My Home Move Limited for a term of 5 years with effect from 7th October 2016.
The passing rent is £33,600 per annum which reflects £15.95 per sq.ft.
The purchase price of £525,000 reflects a net initial yield of 6.11%, assuming purchaser’s costs of 4.90% and a capital value of £250 per sq.ft
The purchaser was The Bosworth Family Charity who were represented by Harris Lamb.