DisposalUK Regional
1 Curo Park St. Albans AL2 2DD
Sale of a One Curo Park St. Albans
- Situated on Curo Business Park, 3 miles to the south of St Albans, and 2 miles from the M25/M1 junction.
- Well specified office building developed in 2003 extending to 17,532 sq ft (1,628.7 sq m).
- Freehold.
- Let in its entirety to John Sisk & Sons Ltd , with a guarantee from Sicon Limited, on FRI terms.
- 20 year lease, without break, expiring on 11th July 2033, benefiting from an unexpired term of 15 years.
- Rent reviews in July 2018 and July 2023 to the higher of open market value or RPI increases with a collar of 1% and a cap of 3% per annum compounded annually.
- A guaranteed rental increase on 12th July 2018 to a minimum of c.£291,000 (£16.60 per sq ft) if RPI is adopted, or if higher, to the open market rental value.
- Offers in excess of £4,335,000, subject to contract and exclusive of VAT, for the freehold interest in One Curo Park, St Albans. Assuming a minimum uplift in the rent to £291,000 per annum on 12th July 2018 this would reflect an attractive net initial yield of 6.3% and low capital value of £247 per sq ft , after allowing for standard purchaser costs of 6.5%.
