Office Investment – Portman House
Asking £ 375,000 Freehold | 657.00 ft2 sq. ft. | Office, Investment | St Helier
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LOCATION
Portman House is located within St Helier town centre, close to The Parade Gardens and a moments walk away from King Street, Broad Street and Charring Cross.
The Office Suite, forms part of the ground floor of Portman House and provides recently renovated office space split into a main work area, director’s office, boardroom, kitchen / staff room and separate male / female W.C.’s. Internally, the space, which is entirely self-contained, has been fitted to a high standard providing a suspended ceiling incorporating LED lighting and air-conditioning. The fitout otherwise provides a mix of quality floor and wall coverings, a well-specified kitchen and staff toilets.
- Recently refurbished.
- Self-contained.
- Attractively fitted out
- Readily re-lettable.
ACCOMODATION
The Net Internal Area of the Office Suite is as follows:
Office Suite:
Office – 591 sq.ft / 54.87 sqm
Kitchen – 66 sq.ft / 6.10 sqm
TENURE/LEASE TERMS
The Office Suite, Portman House is subject to an Internal Repairing lease to “Royal Road Minerals Ltd” for a term of 5-years from 01/01/21 expiring 31/12/25. The lease is subject to a rent deposit of £2,167. Annual rental income is currently £23,833 p/a, payable monthly. A rent review in line with the JRPI falls due on 01/01/24 and it is anticipated rental will increase to circa £28,600 p/a.
OPPORTUNITY
The opportunity exists to acquire the flying-freehold of The Office Suite, Portman House, subject to the above noted lease, for a consideration of £375,000 exclusive of GST as applicable. A sale at this level would reflect a Gross Yield on the Gross Income of 6.36% and an increased Gross Yield of 7.63% subject to rent review assumptions detailed above.
LEGAL COSTS
Each party will bear their own legal costs and any other costs incurred in the acquisition of this property, whether or not a transaction completes.
VIEWING
Strictly by appointment with the vendor’s sole agent, Quérée Property Consultants Ltd by contacting Jonathan C Quérée MRICS or Lucy Schooling MRICS:
