Commercial Investment
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Green Flag House (East & West) Cote Lane,
Farsley, Pudsey, West Yorkshire LS28 5GF
Secure Blue Chip Office Investment
We are not retained and would require a fee to be agreed further information is available
on receipt of a Letter of Interest and a signed Fee agreement.
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Property is let to Royal Bank of Scotland Plc. subject to a 30 year term from 25th December 2007 at a current rent of £1.055m pa; incorporating annual indexation on the anniversary of the lease to the retail price index, subject to a cap of 3%. The property comprises a purpose built office complex extending to circa 81,708 sqft and is let in its entirety to Royal Bank of Scotland on a 30 year lease from December 2007 subject to annually received index linked RPI rent reviews capped at 3.00% per annum. The current rent passing is £1,055,000 per annum which reflects a rent of £12.91 per sq ft which doesn't sound silly. Interestingly there is a mechanism in the lease which allows the tenant to break the lease annually after the 5th year but will impose a flexibility premium upon the tenant which is heavily in favour of the landlord. For example if the tenant breaks at year 5 they will have to pay the landlord c£25 million. The vendor is seeking circa £16,000,000 subject to contract which reflects a net initial yield of 6.25%. The lease has provision for breaks between years 5-25 subject to a tenant premium as follows:
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