SOLD - St David’s Court, Wolverhampton

SOLD - St David’s Court, Wolverhampton

  • An opportunity to acquire a highly prominent and good quality multi-let office building with excellent rental growth prospects.
  • Fronting Wolverhampton ring road St David’s Court is approximately 275 metres from Wolverhampton main line railway station, opposite the City Centre Bus Station and within easy walking distance of the central retail core.
  • Wolverhampton is the 12th largest city in the UK and an important and vibrant commercial centre of the West Midlands.
  • Extending to 41,974 sq. ft. over ground and three upper floors the property provides good quality modern office accommodation easily divisible into wings around an impressive glazed central core.
  • Extensive car parking areas including separate overspill car parking provide 94 spaces and an excellent city centre car parking ratio of 1:437 sq. ft.
  • Recently refurbished to include replacement boilers and various new electrical systems with minimal landlords capital expenditure going forward.
  • 80% let to 8 tenants with a current income of £246,920.50 pa equating to a low passing rent of £7.38 per sq ft. WAULT of 6.8 years to lease expiries and 3.5 years to tenant breaks.
  • Excellent asset management opportunities to increase rental income.
  • Offers are sought in excess of £2,450,000 (Two Million Four Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT for the freehold interest.
  • A purchase at this level reflects a net initial yield of 9.53% a reversionary yield of 12.95% and a very low £58.37 per sq ft capital value.
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