Summary
The accommodation occupies the ground floor of a prestige City Lofts Conran Designed apartment building. The space has consent for office use, and is currently divided into 3 large open plan offices.
Key Points
Ground floor offices measuring 6,077 sq ft (NIA)Sale of ground floor office held on a 999 year long leasehold from 1st January 2001Let to Altour International Ltd on a 5 year lease without break expiring February 2026Prominently situated within a short walk of Reading town centre with frontage to the Inner Distribution Road
Tenure
Sale of ground floor office held on a 999 year long leasehold from 1st January 2001.
The property is sub let to Altour International Ltd on an effect full repairing and insuring (FRI) lease to 28th February 2026. The lease benefits from security of tenure under the Landlord and Tenant Act 1954 and subject to an upward only rent review to open market rent at the 3rd anniversary of the term (1st March 2024).
Tenant
Altour International Ltd
With sales of over $3 billion in 2019, Altour is one of the largest travel management companies in the United States and one of the largest travel management companies globally. Serving the corporate and leisure luxury and mid-markets and entertainment community, Altour has 53 offices and more than 1,300 travel professionals worldwide. In addition to travel management services, Altour companies include; Altour Air, Altour Meetings and Incentives and the Altour Global Network.
Altour is ranked among the largest travel agencies in the UK by Buying Business Travel and The Los Angeles Business Journal ranks Altour as the number one travel agency in Los Angeles County. Altour has also been consistently named to the “CMI 25” listing as one of the largest and most influential meetings and incentives companies by MeetingsNet.
Altour International Ltd has a D&B Rating of 2A Low Risk. Company accounts can be provided on request.
Legal Costs and VAT
Each party to bear their own legal costs.
The property has been elected for VAT. A sale of the asset will be treated as a transfer of a going concern (TOGC).
Technical Information Pack
A copy of the Technical Information Pack is available to interested parties upon request.
Proposal
Offers are sought in excess of £1,450,000 (one million four hundred and fifty thousand pounds) subject to contract and exclusive of VAT. A purchase at his level reflects an attractive net initial yield of 7.15%, assuming standard purchaser’s costs of 6.08%.
Viewing and Further Information
Please contact the sole agents for further information or an appointment to view.
Investment Summary
- Sale of ground floor office held on a 999 year long leasehold from 1st January 2001.
- Prominently situated within a short walk of Reading town centre with frontage to the Inner Distribution Road.
- Ground floor offices measuring 6,077 sq ft (NIA).
- Let to Altour International Limited (D&B rated 2A) on a 5 year effective FRI lease without break from 1 March 2021 expiring 28th February 2026.
- Rent: £110,000 per annum exclusive (£18.10 psf).
- Upward only rent review at the 3rd anniversary of the term (1st March 2024).
- The lease has security of tenure from the Landlord and Tenant Act 1954.
- Offers are sought in excess of £1,450,000 (one million four hundred and fifty thousand pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 7.15%, assuming standard purchaser’s costs of 6.08%.
Anti-Money Laundering Regulations
To comply with Anti Money Laundering regulations, Haslams Surveyors LLP undertake ID checks for all successful purchasers and tenants where legislation requires us to do so.
Location
The property is situated to the north side of Queens Road which forms part of the towns Inner Distribution Road.
Reading town centre lies a short walk away, and the A329(M) and junction 11 of the M4 motorway are approximately 1 mile to the east and 4.3 miles to the south respectively.