NORWICH HOUSE, SAVILE STREET & 6 – 8 GEORGE STREET, HULL HU1 3ES
Prime freehold multi let office and retail investment.
- Centrally Located in Hull City Centre with attractive views over Queens Garden.
- Multi let office and retail building with office suites arranged over four floors and three retail units on the ground floor totalling approximately 2,948 sm (31,733 sq ft) with 6 car spaces.
- Currently produces a rental income of £199,884 pa, including the Regus fit out rent and assuming 12 months guarantee on the vacant office suite, which will provide the opportunity for a reversion going forward.
- Key tenants include: Regus, Scope and Newcross Healthcare Solutions.
- Total GIA of 37,869 sq ft (3,518 sq m).
- Potential for Permitted Development Conversion to residential.
- AWULT to expiry 6.09 years (4.9 years to the breaks).
- Offers sought in excess of £1,400,000 (One Million, Four Hundred Thousand Pounds) subject to contract and exclusive of VAT. This equates to a capital value of £36 per sq ft on the upper parts.
- A purchase at this level would provide an initial yield of 13.46% assuming purchasers costs of 6.05% and a revisionary yield of 20.27%.