East 2 Omron House, Eastlake Park, Milton Keynes

East 2 Omron House, Eastlake Park, Opal Drive, Fox Milne, Milton Keynes MK15 0DG

Asset Description

Constructed in 2003, the property is situated at the entrance to Eastlake Park, a purpose-built office park.
Built of steel frame and the external elevations comprise traditional masonry cavity walls with brick facings.
The building is arranged over ground and three upper storeys. The ground floor provides a reception area, large kitchenette/ break out area, a large training room and open plan demonstration spaces. The first and second storeys provide open plan office space with kitchenettes on each floor and a number of meeting rooms. The third floor provides storage accommodation within the mansard area as well as a plant area.
Access to all floors is from two stairwells at either end of the building and by a 13-passenger lift.

The building was refurbished in 2018, and the internal specification includes:

Suspended grid ceilings
LED lighting
4 pipe fan coil air Conditioning
Raised floors
Male and female WC’s and kitchenettes on each floor
13 person (1,000 kg) passenger lift serving all floors
8 electric charging points

Proposal

Offers are invited for our client's freehold subject to contract and exclusive of VAT. It gives an attractive option of a short term income whilst a purchaser fine tunes their plans for the asset. Although the accommodation presents well, a comparatively low capital cost offers considerable opportunities for capex to upgrade and achieve premium rents, or as a low base for such alternative uses as a buyer has in mind.

Alternatively, the building provides an economic option for an owner occupier, thereby enabling them to brand it in the appropriate corporate style, and refit this value asset in their chosen format.

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Attributes

Building area net

2,209 m²

Year built

2003

Year renovated

2018

Parking spaces

EPC

Grade D

Media

Investment Highlights

Milton Keynes is located 54 miles north-west of London within the Oxford-Cambridge “Arc”
It has a population of 288,200 and is one of the five fastest growing cities
Eastlake Park is a purpose built office park located just 0.5 miles west of J14 of the M1 Motorway, giving excellent accessibility
East 2 (Omron House) was built in 2003 and refurbished to a high standard in 2018, providing 22,745 sq ft NIA on ground and three upper floors, with 73 car spaces (8 electric) on a site of 0.83 acres
Freehold
Omron Electronics Ltd on a FRI lease (no schedule of condition) for 12 years from 10 August 2018 at a rent of £347,134 pa which equates to only £15.26 per sq ft overall. There is a tenant break option on 9 August 2025, subject to 6 months’ notice, which has been exercised
Accordingly the property will provide vacant possession in August this year
Rents on offices in Milton Keynes are now in the mid thirties £per sq ft, and the building is highly reversionary
Offers are invited for our client’s freehold interest subject to contract and exclusive of VAT giving a purchaser a potentially attractive net initial yield, and a low capital cost
A purchaser will receive the residue of rent and potentially dilapidations to employ in refitting, and the property offers opportunities for letting as a whole, floor by floor, or potentially a change of use