1M (Arden University), Middlemarch Business Park, Coventry
24,548 sq ft
Description
UNDER OFFER
• 1M (Arden University) is strategically located at Middlemarch Business Park, an established office park located 5 miles from Coventry City Centre.
• Occupiers in the immediate proximity include NTT Data Business Solutions Ltd, Schindler Ltd, Azets (Coventry) Ltd and Haemonetics Ltd.
• The building comprises two floors of office accommodation totalling 24,548 sq ft of Grade A space, with a low site coverage of 13.5% and an EPC A.
• 1M is the HQ for Arden University and provides training and support for their student hubs. Arden University have study centres in London, Ealing, Birmingham, Manchester and Berlin.
• The building is currently let in its entirety to Arden University Ltd until December 2032, with a passing rent of £523,534 per annum (£21.38 per sq ft).
• The property has 127 car parking spaces, an approximate ratio of 1:192.
• The investment benefits from over seven years unexpired term with an upwards only rent review in December 2027 in line with uncapped RPI, annually compounded.
• To be sold Long Leasehold by way of a new underlease expiring February 2992.
We are instructed to seek offers in excess of £4,500,000 (Four Million Five Hundred Thousand Pounds) reflecting a net initial yield of 10.92%, an estimated reversionary yield of 13.68% and a capital value of £183 per sq ft assuming standard purchasers’ costs of 6.57%.
• 1M (Arden University) is strategically located at Middlemarch Business Park, an established office park located 5 miles from Coventry City Centre.
• Occupiers in the immediate proximity include NTT Data Business Solutions Ltd, Schindler Ltd, Azets (Coventry) Ltd and Haemonetics Ltd.
• The building comprises two floors of office accommodation totalling 24,548 sq ft of Grade A space, with a low site coverage of 13.5% and an EPC A.
• 1M is the HQ for Arden University and provides training and support for their student hubs. Arden University have study centres in London, Ealing, Birmingham, Manchester and Berlin.
• The building is currently let in its entirety to Arden University Ltd until December 2032, with a passing rent of £523,534 per annum (£21.38 per sq ft).
• The property has 127 car parking spaces, an approximate ratio of 1:192.
• The investment benefits from over seven years unexpired term with an upwards only rent review in December 2027 in line with uncapped RPI, annually compounded.
• To be sold Long Leasehold by way of a new underlease expiring February 2992.
We are instructed to seek offers in excess of £4,500,000 (Four Million Five Hundred Thousand Pounds) reflecting a net initial yield of 10.92%, an estimated reversionary yield of 13.68% and a capital value of £183 per sq ft assuming standard purchasers’ costs of 6.57%.
BUILDING HIGHLIGHTS
Future redevelopment potential for logistics / industrial
3 acre site with only 13.5% site density
Long let secure income in excess of 7 years
Passing rent of £523,534 per annum (£21.38 per sq ft)
