We successfully advised Worthing & Adur Borough Council on the purchase of a 17,867 sq ft office building located in Solent Business Park, Fareham for £4.375m, representing a net initial yield of 5.90%.
The property, located in the South Coast’s premier office park provision, is let to the 5A1 covenant Matchtech Group (UK) Limited, for a term of 10 years from March 2017 at a rent of £275,141 per annum, equating to £15.54 per sq ft.
The property has recently undergone an extensive refurbishment; inclusive of new M&E and finishes. The purchase facilitated the acquisition of strong security of income for a 10-year term with limited future requirement for capital expenditure, and the opportunity to capitalise on the rental growth at expiry. The asset was secured off-market from the vendor.
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