Chesterfield is a market town which lies 10 miles to the south of Sheffield and 27 miles north of Derby. The town benefits from excellent road communications, with the A61 running north to south and the A617 running east to west though the town linking to M1 Junction 29. Chesterfield has a railway station on the East Midlands mainline between London St Pancras and Sheffield via Derby, with a journey time to London St Pancras of approximately two hours.
The subject property comprises part of the Royal Court development, which has a total of 45,000 sq ft of high specification office accommodation, built in 2004/5. Occupiers include Prince Family Law, HM Coroners Court, bvocal Telemarketing, Frontline Sales & Marketing and Propex Concrete Systems.
The impressive four-storey building is of steel frame construction, with masonry elevations beneath a pitched tiled roof, with aluminium framed double-glazed window units. Internally the offices are predominantly open plan with WC facilities to all floors, raised access floors (except Lower Ground Floor), comfort cooling, suspended ceilings incorporating LG7 style lighting and an eight-person passenger lift.
The property will be let to AECOM Limited on FRI terms for 15 years from completion of the purchase, subject to a tenant only break option on the expiry of the 10th year. The rent will be £220,000 pax subject to 5 yearly upwards only open market reviews.
AECOM Limited's principal activity is that of consulting engineers in the design of building and civil engineering projects, transportation planning, facilities and asset management, transportation infrastructure, planning, design and development and environmental waste and water.
Headline financial information from the tenant's most recent accounts is available in the link below.
The property is elected for VAT.
We are instructed to seek offers in excess of £2,560,000 (Two Million, Five Hundred and Sixty Thousand Pounds), subject to contract and exclusive of VAT, for the Freehold interest in the property. A purchase at this level would reflect a net initial yield of 8% after deducting purchaser's costs of 8.55%.