Key Features

• An opportunity to acquire a prime office investment pre-let to an occupier who boasts group revenue in excess of €20bn.
• - A fully repositioned offering, providing a 15-year lease term without break following a substantial refurbishment program.
• - Agreement for Lease with TUI TRAVEL LIMITED, with surety provided by TUI AG.
• - Initial headline rent of £2,329,657 per annum, subject to a fixed rental uplift to £2,610,823 per annum upon expiry of the 5th year. Further review on an open market basis.
• - 79,615 sq. ft NIA with 416 car parking spaces, reflecting a ratio of 1:191 sq ft.
• - The existing building, will be comprehensively refurbished as part of the AFL and works program, including new M&E services. This is at a cost of more than £10m for CAT A works with further extensive CAT B works expected.
• - Refurbishment works targeting BREEAM ‘Very Good’ and will likely achieve EPC A, with EPC B as a minimum.
• - The building provides immediate access to London Luton Airport, just 1.5 miles away.
• - Direct access to J10a of the M1 Motorway provides excellent regional connectivity, with Luton Airport Parkway Station providing connections to the UK rail
• network and the airport via the Luton Dart.
• - Freehold
• Offers sought in the region of £29,095,000 on either:
• 1. a forward commitment to purchase the investment upon practical completion of the refurbishment works.
• 2. a full forward funding basis.
• A purchase at this level reflects a net initial yield of 7.50% increasing to 8.41% by way of a fixed rental uplift in 5 years’ time.