• Modern office investment located in Whitehaven, the centre of Britain's Energy Coast.
• Whitehaven is the primary business location for the UK's nuclear industry and is rapidly developing into a global centre of excellence.
• Let to the secure covenants of the Nuclear Decommissioning Authority and United Utilities Plc.
• Both tenants have been in occupation for a number of years and have just extended their lease agreements.
• Measuring 45,391 sq ft (4,217 sq m) with a cleared floorplate of over 22,000 sq ft and 275 car parking spaces.
• Occupationally linked to the Nuclear Decommissioning Authority (100+ year contract) at Sellafield Nuclear Power Station and is United Utilities' principal UK call centre.
• Total passing rent of £609,818 per annum.
• Income equates to just £12.25 psf on the office space. The recent lease renewals reflect a 21% uplift on the previous passing rent and is still 31%below the highest rent achieved in the area.
• Car park income is RPI linked.
• We are instructed to seek offers in the region of £5,450,000 (Five Million Four Hundred and Fifty Thousand Pounds), reflecting a Net Initial Yield of 10.5% having allowed for purchasers' costs @ 6.61%.
• Low capital value of just £120 per sq ft.
