STANDARD BANK - 47/49 LA MOTTE STREET, ST HELIER, JERSEY, JE4 8XR

PRIME OFFICE INVESTMENT FULLY LET TO STANDARD BANK

£11.165M - 7.25% NIY

 

Location / Description

  • Fully let Office HQ building in St Helier, Jersey.
  • 32,183 sq ft (2,989.90 sq m) NIA of high quality office accommodation arranged over ground and three upper floors.
  • 404 sq ft (37.5 sq m) of basement storage and 20 car parking spaces.

Tenure & Tenancy

  • Freehold.
  • Let to Standard Bank Jersey Ltd with a guarantee from Standard Bank Offshore Group Ltd offering excellent tenant covenants.
  • Lease expiry on 13th May 2022.
  • Total rent of £860,000 pa reflecting a rent of £25 psf. Headline ERV for St Helier is £34psf.
  • Rent reviews are every 3rd year, upwards only to OMRV.
  • Tenant has an option to extend the lease for a further 21 years to 13th May 2043.

Proposal

Offers are invited in excess of £11,165,000 (Eleven Million One Hundred and Sixty Five Thousand Pounds) for the freehold interest in the property, subject to contract and exclusive of VAT.

A purchase at this level would reflect a net initial yield of 7.25% after allowing for purchaser’s costs of 6.14%.