Frank-Steier Price Ltd. Leading niche commercial property investment practice Logo for Midlands Property Awards 09

October 2019

Apex Park, Worcester, WR4 9FN

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The property is located on Apex Park in the prime out of town office location in Worcester, adjacent to Junction 6 of M5 and 4 miles north east of Worcester city centre.  The park benefits from excellent amenities with a Premier Inn, Tesco Express, Busy Bees Nursery, Greggs and a Beefeater Restaurant all within close proximity.  The scheme provides four detached office buildings constructed in 2008 to a Grade A specification and extending to 28.857 sq.ft.  The property is fully let to tenants including West Mercia Homes Ltd, Jelf Ltd, Lioncourt Homes Ltd and Arrow Business Communications with a WAULT of 6.50 years to break and 7.55 years to expiry.  Total passing rent of £458,948 per annum, reflecting a low average rent of £15.25 per sq.ft.  Reversionary potential with the latest letting completed at £16.27 per sq.ft providing future asset management opportunities.  Offers sought in excess of £6,375,000 which reflects a net initial yield of 6.75% and a reversionary yield of 7.26% based off ERV.