Comprehensively refurbished multi-let office investment within Royal Leamington Spa’s Creative Quarter, close to the railway station and town centre.
1 Spencer Yard provides six office suites totalling approximately 4,360 sq ft NIA, let to four tenants at a combined contractual rent of £100,500 per annum. Approximately £1.26m of main-contract expenditure transformed the building, including a newly constructed second floor.
The property benefits from EPC A21, an air-source heat pump, photovoltaic panels, LED presence-detection lighting, individual kitchenettes and communal WC and shower facilities.
Asking price £1,200,000, reflecting an indicative net initial yield of 7.92%. RPI-linked reviews in 2027 support illustrative projected rent of approximately £112,754 per annum and a net reversionary yield of 8.89%, assuming all leases continue.
Held on a 250-year lease from September 2023, with approximately 247 years unexpired. EDAG’s lease includes a guarantee from EDAG Engineering GmbH. Potential purchaser capital allowances and SBA benefits, subject to eligibility and specialist verification.
Yields include assumed purchaser’s costs of 5.75% and no irrecoverable landlord costs. Price subject to contract and exclusive of VAT; TOGC treatment may be possible.