Alpha House, Hampton Park, Hampton Lovett, Droitwich
Franck-Steier Price LLP has recently completed the freehold sale of a modern two storey office investment on behalf of Falcon Property Trust.
The property is located to the northern end of Hampton Lovett Business Park on Wassage Way overlooking the A442, Droitwich to Kidderminster road. The property was constructed in 1996 and comprises a 339.84 sq.m (3,658 sq.ft) two storey office building of brick elevations beneath a pitched tiled roof. There is an 18 space car park to the front of the property.
The property is let to Air Liquide Limited for a term of 10 years from 3 July 2009 at a rent of £42,900 per annum. The lease is held on full repairing and insuring terms subject to an upward only review in the 5th year. The tenant has a break option on 3 July 2017, subject to 6 months written notice.
The property sold for £537,500 which represents a net initial yield of 7.55% assuming full costs of purchase of 5.725%. The purchaser was a local private investor.