Russell Way, Crawley, RH10 1UH
Ref No. 8037
Russell Way, Three Bridges, Crawley, RH10 1UH, West Sussex, , South East
Long Income Investment with a Fixed Uplift
- Crawley is the main centre of industry, commerce and employment between London and the South Coast.
- Excellent communications and proximity to Gatwick Airport combined with a highly skilled workforce have attracted a range of multinational and corporate occupiers to Crawley.
- Crawley has benefitted from continuous economic growth and investment including an ongoing multi-million pound regeneration of the town centre. Prime rents in Crawley offer a significant discount to other M23 centres notably Victoria, Croydon and Brighton as well as the Western Corridor.
- Sutherland House is located midway between Crawley and Three Bridges benefitting from easy access to both railway stations and the M23.
- The property comprises a prominent office building arranged over ground and four upper floors totalling 93,086 sq ft. 199 car parking spaces.
- Let to Paymaster (1836) Ltd with a guarantee from Equiniti Group Plc for 14.5 years term certain.
- Passing rent of £1,100,000 per annum equating to a low rent of £11.82 per sq ft overall with a fixed uplift in 2021.
- The tenant has recently signed a 10 year reversionary lease and is undertaking a rolling refurbishment demonstrating their commitment to the property.
- Sutherland House is let at a significant discount to prime rents in Crawley offering future reversionary potential.
- The neighbouring building has prior approval for Permitted Development thereby underpinning the value of the property.
- Offers are sought in excess of £16,500,000 (Sixteen Million, Five Hundred Thousand Pounds), subject to contract and exclusive of VAT.
- A purchase at this level reflects an attractive net initial yield of 6.25% exclusive of purchaser’s costs of 6.74% and a low capital value of £177 per sq ft.
- The yield increases to 7.10% at the fixed uplift in 2021.
Average Weighted lease length
Additional Property Information:
JLL for themselves and for the vendors or lessors of this property whose agents they are, give notice that:-
a. the particulars are set out as a general outline only for guidance and do not constitute, nor constitute part of, an offer or contract;
b. all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are believed to be correct, but any intending purchasers, tenants or third parties should not rely on them as statements or representations of fact but satisfy themselves that they are correct by inspection or otherwise;
c. no person in the employment of JLL has any authority to make or give any representation or warranty whatever in relation to the property;
d. Any images may be computer generated. Any photographs show only certain parts of the property as they appeared at the time they were taken.
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