Keel Row House comprises a four storey Grade A office building constructed in 2001. The building is of steel frame construction with part brick, part curtain wall elevations under a part curved part flat roof.
Access is provided via a glazed reception lobby fronting onto Sandgate. Internally, each floor provides modern open plan office accommodation and benefits from the following specification:
The property is held freehold.
The property is let to WH2013 LLP (trading as Ward Hadaway Solicitors) on a 15 year lease expiring 21st December 2030 at a passing rent of £500,750 per annum. The lease provides for five yearly RPI linked rent reviews compounded annually, subject to a collar and cap equivalent to 1%-4% per annum. The vendor will top up the rent to £526,293 per annum, the minimum uplift due at the 22nd December 2020 review. At this level the rent reflects a modest rental tone of £18.71 per sq ft (accounting for car parking at £1,000 per space).
The lease is personally guaranteed by not less than 15 partners of Ward Hadaway Solicitors, a list of which is set out in schedule 3 of the lease.
Founded in 1988 Ward Hadaway are one of the UK's Top 100 law firms and operate out of three offices - Newcastle, Leeds and Manchester. The firm employs over 450 staff with 80 partners across the business. Operating in both the public and private sectors, the firm also gives tailored advice to individual clients and are acknowledged as national experts across a wide range of specialist areas. They are rated as one of the leading law firms in the country by the independent Chambers & Partners legal guide The Legal 500.
Further information can be found in the marketing brochure.
The property has been elected for VAT and therefore VAT will be payable on the purchase price. It is envisaged the sale will be treated by way of a transfer of a going concern (TOGC).
We have been instructed to seek offers in excess of £7,950,000 (Seven Million, Nine Hundred and Fifty Thousand Pounds) reflecting a capital value of £334 sq ft and an attractive NIY of 6.21%, based on the topped up rent and assuming standard purchaser's costs of 6.67%.