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334 Outland Road

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PL3 5TU Plymouth
Ref: 9132

  • 57,157.00 ft² (5,310.06 m²)
  • 5,850,000
  • 8.02 Initial Yield

Description

Description

• Long Lease Office Investment Opportunity

Property Description

The property comprises a detached office building, totalling 57,157 sq ft NIA on basement, ground and four upper floors.

The site comprises 1.69 acres (0.683 hectares), and externally there is the provision for 161 designated car parking spaces.

Investment Summary

  • Prominent location on A38/A386 intersection, approximately 2.5 miles from Plymouth City Centre.
  • Detached office building totalling approximately 57,157 sq ft NIA.
  • Building incorporates strategically important data centre for EDF.
  • Current rental income of £500,000 per annum exclusive.
  • Low base rent of only £8.75 psf overall.
  • 9 years unexpired to undoubted 5A1 covenant of EDF Energy Plc.
  • Offers are sought in excess of £5,850,000 (Five Million, Eight Hundred and Fifty Thousand Pounds)
  • Attractive net initial yield of 8.02%.
  • Low capital value of only £102.35 psf

Tenure

Freehold.

Tenancy

The property is let in its entirety to EDF Energy Plc by way of a 25 year lease from 25th March 2001, expiring on 24th March 2026. The lease is on a full repairing and insuring terms subject to five yearly, upward only rent reviews, the next being in March 2021. The 2016 rent review has recently been concluded, and the rent was increased to £500,000 per annum which equates to £8.75 psf.

Net Initial Yield

8.02%

Energy Rating

Energy Rating

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Contact

Contact
Ross Wigley
Oliver Paine
Simon J Bennett
  Details

JLL for themselves and for the vendors or lessors of this property whose agents they are, give notice that:

  1. The particulars are set out as a general outline only for guidance and do not constitute, nor constitute part of, an offer or contract;
  2. 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;
  3. No person in the employment of JLL has any authority to make or give any representation or warranty whatever in relation to the property;
  4. Any images may be computer generated. Any photographs show only certain parts of the property as they appeared at the time they were taken.

For properties in Scotland:

  1. This correspondence is expressly subject to completion of formal legal missives in accordance with Scots Law.

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