Port Solent, Blocks A & B, One Port Way, Portsmouth, PO6 4TY

An exceptional opportunity to acquire two high quality headquarters office buildings, prominently located adjacent to the M27 and Port Solent Marina on a large, island site extending to 5.2 acres.Portsmouth is a major commercial centre on the South Coast located 21 miles east of Southampton and 73 miles south west of London.Port Solent is an established marina and commercial location located 4 miles north west of Portsmouth city centre.Unrivalled road access being just 1 mile from the M27 (Junction 12) connecting the area with key surrounding commercial towns as well as the national motorway network.Junction 12 of the M27 is a home to a number of national covenants including IBM, Regus, Pall Corporation, Capita, Marriott and Handelsbanken.One Port Way comprises two self-contained office buildings totalling 62,379 sq ft.328 car parking spaces providing an excellent ratio of 1:190 per sq ft.Block A is currently vacant, providing asset management opportunities to drive returns.Block B is let to Ageas Insurance Ltd for 5.3 years’ term certain.Combined passing rent of £XXX per annum equating to a low average rent of £XXX per sq ft overall.Ageas Insurance Ltd has a D&B rating of 5A1, representing a minimum risk of business failure.Ageas, one of the largest employers on the South Coast, have recently signed a reversionary lease at the property and are undertaking a full refurbishment including the M&E demonstrating their commitment to the property.Port Solent offers a discount to the neighbouring office markets of Southampton and Portsmouth where headline rents are £XXX per sq ft and £XXX per sq ft respectively trending upwards.Both buildings lend themselves to alternative use potential (subject to planning).Freehold.Offers are sought in excess of £XXX (Eleven Million Pounds), subject to contractand exclusive of VAT.A purchase at this level reflects an attractive net initial yield of 8.94% exclusive of purchaser’s costs of 6.70% and a low capital value of £XXX per sq ft.

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