Phase II, Imperial House, Imperial Park, Newport_Property for Sale

Imperial Park, Newport, NP10 8UH, UK

Phase II, Imperial House, Imperial Park, Newport

Asset description

Imperial Park comprises a range of high-quality office, research, production and warehousing units, in an impressive well-maintained development less than one mile from J28 of the M4 Motorway. The building benefits from proximity to the occupier’s Cardiff (CWL1) Data Centre Campus, which is one of the largest of its kind in Europe.

Phase II, Imperial House comprises a modern semi-detached office building totalling 26,802 sq ft NIA over basement and two upper floors. The open plan floor plates present modern office accommodation throughout the building. The property benefits from modern shower facilities and 90 car parking spaces (1:298 sq ft).

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Attributes

Building area net

2,478 sm

Occupancy

100%

WAULT

9.3 years

Asking price

¥576,868,000

Media

Investment highlights

Single let secure income office investment
Strong and established out of town commercial location in Newport
Serving as the dominant high-tech data and manufacturing businesses destination with one of the largest data centre campuses in Europe
Located less than one mile from J28 of the M4 Motorway, situated between Cardiff and Bristol
Modern open plan office building totalling 26,802 sq ft (2,489.97 sq m) NIA over basement and two upper floors
Benefits from 90 car parking spaces (1:298 sq ft)
Approximate site area of 0.33 acres (0.14 hectares), excluding the car parking
Single let to Vantage Data Centres for a term of 10 years from 19 February 2024
Adjacent to the Vantage Data Centre Campus
Immediate surrounding occupiers include Microsoft and DAS Beachcroft
Strong covenant reflecting a D&B rating of 4A1 and minimum risk of business failure
Unexpired term of 4.3 years to break and 9.3 years to expiry
Current passing rent of £360,000 per annum equating to circa £13.43 per sq ft overall
Freehold

We are instructed to seek offers in the region of £3,000,000 (Three Million Pounds) subject to contract and exclusive of VAT.

A purchase at this level reflects a Net Initial Yield of 11.21% and a capital value of £111.93 per sq ft, assuming standard purchaser's costs of 7.06%.