Sovereign Court, Central Milton Keynes, Milton Keynes

SUMMARY

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

LOCATION

• Sovereign 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.

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

EXISTING

• The site extends to approximately 0.47 acres.

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

• The 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.

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

• The 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.

• The 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.

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

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

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

• The site provides a total of 20 parking spaces.

PLANNING

• Planning 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)

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

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

TERMS

• The property is elected for VAT.

• The property is available freehold.

• Offers in excess of £4,600,000