Office Investment – SOLD
Sommerville House is located within St Helier town centre, opposite the head-office of RBSI and The Arts Centre. The location is undergoing a significant period of regeneration with the commercial and residential redevelopment of Ann Court and development of a significant part of Bath Street by Le Masurier providing a 122-bed Premier Inn (complete), circa 3,000 sq.ft. of retail premises (complete) and 124 residential units (due to complete later in 2022).
- 9-Year Lease – 24/09/31
- Rental – £91,886 p/a
- 3-Yearly JRPI Rent-Reviews ➢ Excellent Covenant
- 6.01% Net Initial Yield
The 1st Floor Offices of Sommerville House comprise a main office occupied by Axis Mason of circa 3,355 sq.ft.. This space has recently been comprehensively refurbished including utilities and M&E to provide ultra- modern office space providing a main, open-plan work area together with partitioned offices, break-out zones and staff amenity space.
There is then additional space which is sub-let to “Public & Private Gallery”; part provided as high-quality art gallery space (circa 955 sq.ft.) and part associated office (circa 336 sq.ft.).
The overall accommodation is of very-high quality and would be readily re- lettable either in whole or in part.
- Recently refurbished to a very high standard.
- Attractively fitted out
- Readily re-lettable either in whole or in part.
The Net Internal Area of the 1st floor is approximately as follows (measured to IPMS):
Main Offices – 3,355 sq.ft / 311.70 sqm
Gallery – 955 sq.ft. / 88.73 sqm
Gallery Offices – 336 sq.ft / 31.21 sqm
The 1st Floor Offices, Sommerville House are subject to an effectively Full Repairing & Insuring lease to “Axis Mason Limited” for a term of 9-years 25/09/22 – 24/09/31 (subject to a tenant break option 25/09/27). Rent Passing is £91,836 p/a with rent reviews 3-yearly in line with the JRPI.
The opportunity exists to acquire the flying-freehold interest in the 1st Floor Offices, Sommerville House, subject to the above noted lease, for a consideration of £1,475,000 exclusive of GST as applicable. A sale at this level would reflect a Net Initial Yield of 6.01% and Reversionary Yield of 6.61% (years 3-6) and 7.27% (years 7-9) assuming a 10% uplift in rental at each review.
Each party to bear their own legal costs and any other cost incurred in the letting of this property, whether or not a transaction completes.
For further details and viewing, please contact the vendor’s sole agent, Jonathan C Quérée MRICS at Quérée Property Consultants Ltd on 630660 (T) or 077978 40008 (M).