Sutherland House
Russell Way, Crawley, RH10 1UH
£16,500,000.00
Ref No. 8037
For Sale

Location Russell Way, Three Bridges, Crawley, RH10 1UH, West Sussex, , South East

Size 93086.00 ft2
(8647.98 m2)

Description Long Income Investment with a Fixed Uplift

Investment Summary

  • 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.
  • Freehold.
  • 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.

Property Type Office

Average Weighted lease length 14.5 years

Initial Yield 6.25%

Property Location:



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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;
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