{"loaderData":{"0-8":{"propertyListing":{"building":{"id":"748400465814336","summary":"Underlet Office Investment With Asset Management Potential And Planning For A 42 Apartment Airspace Extension","archived":false,"description":"SUMMARY

•\tOpportunity to acquire an existing office building with significant asset management potential with planning permission for an airspace development to provide 42 new dwellings.

LOCATION

•\tSovereign Court is located on Witan Gate, between Silbury Boulevard and Midsummer Boulevard, within easy walking distance of both the shopping centre and Milton Keynes main line station which is roughly 13 minutes walking distance. The train station provides regular services to London Euston in approximately 34 minutes.

•\tAll the city centre amenities, for shopping, recreation and convenience foods are within walking distance.

EXISTING

•\tThe site extends to approximately 0.47 acres.

•\tThe site comprises a 3-storey office building clad in Bath stone, incorporating bronze tinted double-glazed windows, extending to approximately 44,624 sqft (GIA).

•\tThe building has benefited from a recent refurbishment programme which has included a new roof covering, refurbishment of the internal and external common areas & facilities, along with upgrading some of the individual suites.

•\tThe existing office space extends to approximately 35,964 sqft (NSA).

•\tThe current office space (69.3% Occupancy) is generating £377,276 per year, with relevant areas being vacated to allow for the airspace development to commence.

•\tThe office space at full occupancy has an estimated rental value of approximately £642,183 per annum, reflecting a 11.07% gross yield at the current purchase price.

•\tAll operational expenses are covered by the tenants through a service charge.

•\tThe office element also provides significant asset management potential given a number of units are underlet.

•\tFollowing asset management of the office element and assuming full occupancy the office space has an estimated rental value of approximately £719,280 per annum.

•\tThe site provides a total of 20 parking spaces.

PLANNING

•\tPlanning permission has been granted on the 29th November 2024 for “Prior approval for the proposed two storey extension above the existing flat roof to create 42 flats with associated cycle parking and refuse stores” (Planning Ref. PLN/2024/2240)

•\tThe proposed two storey extension would provide 42 apartments (26 x 1 Bed, 16 x 2 Bed) extending to approximately 26,156 sqft (NIA).

•\tThe proposed two storey extension extends to approximately 30,505 sqft (GIA).

TERMS

•\tThe property is elected for VAT.

•\tThe property is available freehold.

•\tOffers in excess of £5,800,000
","disclaimer":{"raw":"Disclaimer - Property reference SovereignCourt. The information displayed about this property comprises a\n property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of\n the advertisement or any linked or associated information, and Rightmove has no control over the\n content. This property advertisement does not constitute property particulars. The information is\n provided and maintained by Di Properties Ltd, London. Please contact the selling\n agent or developer directly to obtain any information which may be available under the terms of\n The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations\n 2007 or the Home Report if in relation to a residential property in Scotland.\n"},"transactionType":"SALES","amenities":[],"keyFeatures":["Income Producing","Consented Planning for 42 Apartments","Underlet","0.47 Acres","Office Element EMRV - 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