Office for sale - Regency House, Miles Gray Road, Basildon, SS14 3FR

<strong>Description</strong><br>The property comprises a three-storey office building that has been comprehensively refurbished and substantially extended, with works completed in late 2022.<br /> <br /> The landlord invested approximately £5.3 million in capital expenditure, equating to circa £140 per sq ft. The original building has been significantly enhanced through the addition of a two-storey rear extension, delivering a total of 38,330 sq<br /> ft of high-quality Cat A office accommodation, complemented by generous communal areas.<br><br><strong>Basildon</strong><br>Basildon was one of eight ‘New Towns’ established in the South East of England following the introduction of the New Towns Act. On 4 January 1949, Lewis Silkin, the Minister of Town and Country Planning, formally designated Basildon as a New Town. In February 1949, the Basildon Development Corporation was created to develop the designated area into the modern town we see today. <br /> <br /> Basildon is a key commercial hub in Essex, with a population of approximately 187,600. It has the second largest economy along the eastern stretch of the River Thames, after Canary Wharf. <br /> <br /> The town is home to a number of internationally recognized and highly successful advanced manufacturing and engineering<br /> companies, including Ford, New Holland Agriculture, Konica Minolta, Costa.<br><br><strong>Executive Summary</strong><br>Basildon has a resident population of over 187,700 people, with approximately 460,000 individuals within a 20-minute drive <br /> time.<br /> <br /> The town is located approximately 26 miles (41.6km) east of Central London and sits at the centre of one of largest urban areas in Essex.<br /> <br /> The subject property has 30,150 sq ft net lettable area (NLA) of Grade A multi-let office accommodation from a total of 38,330 sq ft (NIA).<br /> <br /> The property was refurbished and extended in 2022 to an excellent specification following £5.3m of capex (£140 psf), resulting in best in class office suites, with low total occupancy costs.<br /> <br /> The accommodation has been divided into office suites ranging from 1,000 sq ft to 7,000 sq ft.<br /> <br /> Current total rental income: £670,617.50 per annum (£22.50 per sq ft overall).<br /> <br /> Currently 80% let, the asset offers immediate income with strong reversionary potential. The vendor is providing a 12-month rental guarantee on the vacant accommodation.<br /> <br /> The freehold site is 0.917 acres (0.371 hectares).<br /> <br /> Substantial capital allowances available by way of further negotiation.<br /> <br /> Offers invited in excess of £7,000,000 (Seven Million Pounds) representing a Net Initial Yield of 8.96%, assuming purchasers cost of 6.65%. Reflecting a low capital value of £182 per sq ft NIA.<br><br><strong>Tenure</strong><br>The freehold interest of the site is held under title number: EX589133<br /> <br /> Site Area of 0.917 acres (0.371 hectares)<br /> <br /> The property includes a power substation on the North Eastern flank of the building.<br><br><strong>Service Charge</strong><br>The current service charge budge totals £135,675 equating to £4.50 per sq ft.<br /> <br /> Further service charge information is available in the data room.<br><br><strong>VAT</strong><br>The property is elected for VAT. We anticipate the transaction will be treated by way of a Transfer of a Going Concern (TOGC).<br><br><strong>EPC</strong><br>Energy Performance Certificates are available in the dataroom.<br><br><strong>Anti-Money Laundering</strong><br>In accordance with AML Regulations, the successful purchaser will be required to satisfy the Vendor on the source of funds for this acquisition.<br><br><strong>Capital Allowances</strong><br>There are substantial capital allowances available by way of further negotiation<br><br><strong>Proposal</strong><br>Offers invited in excess of £7,000,000 (Seven Million Pounds), representing a Net Initial Yield of 8.98%, assuming standard purchaser’s costs of 6.65%. Reflecting a low capital value of £182 per sq ft NIA.<br><br>