AECOM Chesterfield, Royal Court, Basil Close

Chesterfield S41 7SL

Overview

  • Modern office sale and leaseback opportunity
  • Built in 2004, the property comprises a 4-storey office of 2,266.42 sq m (24,396 sq ft)
  • Centrally located in Chesterfield town centre benefiting from usual amenities
  • Sale and leaseback to AECOM Ltd for 15 years
  • £220,000 per annum exclusive, subject to 5-yearly upwards only open market rent reviews
  • Freehold
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%.

Location

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.

Situation

Royal Court is centrally located on the site of the former Royal Hospital complex within Chesterfield town centre, on Basil Close and adjacent to the Holywell Cross Car Park.

The location of Royal Court benefits from direct links to the principal road network and Chesterfield's public transport facilities. The town centre and associated amenities including the train station are within a five minute walk.

Description

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.

Accommodation

The property provides the following approximate accommodation set out in the link below.


Tenure

Freehold.

Tenancy

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.

Covenant Information

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.


VAT

The property is elected for VAT.

EPC

The property has an energy performance rating of D, based on a score of 83. The EPC is available on request.

Proposal

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%.

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NET INITIAL YIELD:
8%
PRICE:
£2,560,000
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