£2,450,000

New

Status

For Sale

Type

Area

7147 SQFT

Property Description

LOCATION
The property is located within St Peter Port’s central business district and close to the main High Street. More specifically, the property is situated on the south side of Forest Lane and is assessed from the west via Smith Street or from the east via Le Pollet.

The property is located within easy walking distance of several public, long stay, car parks.

ACCOMODATION
This purpose built three storey office building was constructed circa mid 1980’s and provides excellent quality modern offices, the majority of which has recently been refurbished. The central core of the building allows for flexibility and the option of multiple occupants. The property further benefits from several meeting rooms, kitchenettes and staff areas, WC’s, suspended ceilings, recessed
LED lighting, air conditioning, perimeter trunking and double glazing.

7,147 sq. ft. Total

CURRENT TENANCY
The property is let to Islands Insurance (Holdings) Limited by the way of a full repairing and insuring lease that expires on 18th July 2026, with the tenant being responsible for Rates and all utilities consumed on the premises. The passing rent of £198,000 per annum (£27.50 per sq. ft.) is payable quarterly in advance. There will be no further reviews until the expiration of the Lease.

In our view, the aforementioned passing rate reflects a good opportunity for rental growth.

TENURE
Freehold – £2,450,000.00, which reflected a gross yield of approximately 8.08 % (plus purchasers costs)

Legal Costs – All terms are subject to contract. Each party is to bear their own legal costs.

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Lancaster Court, Forest Lane

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