Description
Originally constructed in 1996, West Park House is a detached office building prominently situated overlooking Cumberland Place, arranged over basement, ground and three upper floors. The building totals 17,172 sq ft and benefits from a basement car park providing 21 spaces with an excellent City Centre ratio of 1:818 sq ft. The property provides the following specification:
• 4 pipe fan coil air conditioning
• Raised floors
• Suspended ceilings with inset lighting
• Two x 8-person passenger lifts
• Male, female and disabled WCs
• Ground floor showers
Location
Located in the heart of Southampton city centre, West Park House occupies a prominent position on Cumberland Place, within easy walking distance of Southampton Central railway station, West Quay Shopping Centre, the commercial business district, and a wide range of amenities, restaurants and leisure facilities.
Terms
Our clients are seeking offers in the region of £3,000,000, subject to contract and exclusive of VAT, reflecting a capital cost of only £175 per sq ft.
Investment Specifications
• Prime location in Southampton, capital of the South Coast
• Freehold asset in-town with stable cash flow
• Existing tenancy: Paris Smith LLP until August 2026
• Current annual rent: £324,675; sublet £150,183
• Below-market rent: with £19.77 per sq ft
• Potential rental growth: prime office rents at £30 per sq ft
• Conversion potential: massing study completed suggests 12-16 stories is possible for redevelopment
Legal Costs
Each party to be responsible for their own legal costs incurred in the transaction.
VAT
Unless otherwise stated terms are strictly exclusive of Value Added Tax and interested parties must satisfy themselves as to the incidence of this tax in the subject case.
AML
In accordance with Anti-Money Laundering requirements, two forms of identification will be required from the tenant and any beneficial owner together with evidence/proof identifying the source of funds being relied upon to complete the transaction.
Tenancy Details
The property is let in its entirety on a full repairing and insuring 10 year lease to Paris Smith LLP from 1st September 2016 expiring 31st August 2026. The annual rent is £324,675 per annum, and equates to £19.28 per sq ft overall. Paris Smith LLP has indicated they intend to leave and concentrate their activities in their HQ next door.
The ground and first floor totalling 7,595 sq ft are sublet to Everywhen (formerly Towergate Health and Protection) at a rent of £150,183 per annum (£19.77 per sq ft). They have indicated a wish to discuss extending their occupancy.
