Property overview

Juneau House, Shrewsbury Business Park, Shrewsbury

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£890,000
Dec 2008

Franck-Steier Price have recently concluded the acquisition of a new freehold office investment property on Shrewsbury Business Park on behalf of clients.

The newly constructed 2 storey office building benefits from air conditioning, raised floors and suspended ceilings and lies to the front of the established park.  The building has a net internal floor area of approximately 453.38 sq.ft (4,880 sq.ft).

The property is let for a term of 10 years with effect from November 2008 to Deutsche Bank AG at an initial passing rent of £69,540 per annum, subject to a rent review at the 5th year.

Acting on behalf of a private investor, Andrew Franck-Steier comments “despite the turbulence in the banking sector, this represents a solid investment property let to a major bank in a new building and on an established business park”.

The purchase price was £890,000 which represents a net initial yield of 7.38% assuming usual purchasers costs.  The vendor was Alaska Estates who were represented by Fineman Ross.