Prospect House, High Wycombe HP13 6LA
Located in High Wycombe an affluent market town 28 miles northwest of central London with excellent access to the motorway network via the M40 and frequent rail services to London Marylebone (30 minutes).
Prominently situated in High Wycombe town centre within 100 metres of the rail station at the gateway to the town centre and on a key arterial road that provides direct access to the M40.
Long leasehold interest, from the Council, with 69 years unexpired subject to a low ground rent of £360 p.a. reviewing in 2040 and 2065 geared to 1.8% of the Market Rent of a hypothetical single letting.
Purpose built office building totalling 18,937 sq ft NIA over ground and three upper floors, plus a 36-space car park accessed from street level (1:526 sq ft). The building has been subject to over £300,000 of investment since 2017.
Multi let on five leases and multiple short-term licences producing a total income after payment of ground rent of £280,677 pax comprising £226,745 pax of rental income plus a further £54,292 pax of net licence fee income, together equating to an average of £14.82 psf overall.
WAULT on the rental income of 5.2 years and a WAULTC of 2.4 years. 75% of rental income is from the strong covenants of Fedcap Employment and Oxford Health NHS Foundation Trust.
We are instructed to seek offers in excess of £2,400,000 subject to contract and exclusive of VAT which reflects a Net Initial Yield of 11% (based on purchaser’s costs of 6.36%) and a capital value of £126 psf.