Sutherland House, Russell Way, Three Bridges, Crawley, RH10 1UH

Summary

Long Income Investment with a Fixed Uplift

Investment Summary

• Crawley is the main centre of industry, commerce and employment between London and the South Coast.
• Excellent communications and proximity to Gatwick Airport combined with a highly skilled workforce have attracted a range of multinational and corporate occupiers to Crawley.
• Crawley has benefitted from continuous economic growth and investment including an ongoing multi-million pound regeneration of the town centre. Prime rents in Crawley offer a significant discount to other M23 centres notably Victoria, Croydon and Brighton as well as the Western Corridor.
• Sutherland House is located midway between Crawley and Three Bridges benefitting from easy access to both railway stations and the M23.
• The property comprises a prominent office building arranged over ground and four upper floors totalling 93,086 sq ft. 199 car parking spaces.
• Freehold.
• Let to Paymaster (1836) Ltd with a guarantee from Equiniti Group Plc for 14.5 years term certain.
• Passing rent of £XXX per annum equating to a low rent of £XXX per sq ft overall with a fixed uplift in 2021.
• The tenant has recently signed a 10 year reversionary lease and is undertaking a rolling refurbishment demonstrating their commitment to the property. 
• Sutherland House is let at a significant discount to prime rents in Crawley offering future reversionary potential.
• The neighbouring building has prior approval for Permitted Development thereby underpinning the value of the property.
• Offers are sought in excess of £XXX (Sixteen Million, Five Hundred Thousand Pounds), subject to contract and exclusive of VAT.
• A purchase at this level reflects an attractive net initial yield of 6.25% exclusive of purchaser’s costs of 6.74% and a low capital value of £XXX per sq ft.
• The yield increases to 7.10% at the fixed uplift in 2021.