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Centenary House comprises a self-contained headquarters office building totalling approximately 36,092 sq ft (NIA), arranged over ground and two upper floors. The property occupies a prominent town centre site extending to approximately 1.8 acres.
- Basingstoke is an established and affluent South East office location, benefiting from excellent connectivity to the M3 Motorway and within a 47-minute train journey of Central London.
- Centenary House occupies a prominent town centre location on Winchester Road, within walking distance of Festival Place Shopping Centre and Basingstoke railway station.
- Freehold site totalling approximately 1.8 acres.
- Headquarters office building totalling approximately 36,092 sq ft (NIA), with highly flexible floorplates arranged over ground, first and second floors.
- Comprehensively refurbished in 2014 and benefiting from BREEAM ‘Excellent’ and EPC ‘A’ ratings.
- 117 surface car parking spaces, providing an excellent town centre ratio of 1:308 sq ft.
- Fully let on FRI terms to Kier Construction Ltd (guaranteed by Kier Ltd) for a term of 20 years expiring on 20th December 2037 (16.8 years unexpired).
- Kier Construction is a highly established contractor, benefiting from a significant number of substantial construction contracts across the UK including schools, colleges, hospitals and offices.
- Tenancy subject to annual RPI-linked rent reviews (compounded and payable 5-yearly), collared and capped at 2.00% and 4.00% respectively.
- The vendor is to provide a rental top-up to £730,155 per annum / £20.23 per sq ft overall.
We are instructed to seek offers in excess of £11,400,000 for the freehold interest, subject to contract and exclusive of VAT. Based upon purchaser’s costs of 6.71%, an acquisition at this level provides the following investment profile:
- Initial Yield – 6.00% (topped up).
- Capital Value - £316 per sq ft.