- No Commission
334 Outland RoadFavourite
PL3 5TU Plymouth
57,157.00 ft² (5,310.06 m²)
8.02 Initial Yield
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.
- 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
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