Westminster Place, York Business Park Y026 6RW
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£9,820,000
Feb 2023
- A rare opportunity to acquire a substantial freehold office campus located on York’s principal circulation network.
- An unbroken 2.8 acre estate offering a broad range of suite sizes across three buildings, plus courtyard café and best in class parking provision.
- Westminster Place offers 49,574 sq ft (4,605.54 sq m) of high specification accommodation, producing a net operating income of £921,936.20 per annum from 28 tenants across traditional and fully-fitted settings.
- The estate offers a mix of incubator, fully-fitted and traditional leasing options; allowing businesses to flex and grow within the space, leading to high retention.
- Headline rents for new lettings reflect £24.50 psf for traditional leases and £35 psf net for fully-fitted space, compared to estate averages of £16.28 psf and £30.01 psf respectively.
- Strong underlying market conditions and limited competing supply have resulted in proven rental growth with clear stabilisation potential ahead.
- The vendor has undertaken substantial improvement works during their ownership, including recent M&E and passenger lift replacement, providing an excellent platform for growth.
- Westminster Place’s ESG journey is well underway, with significant further opportunities to increase energy resilience and develop the estate’s social programme .
- Refurbished suites at the property are rated EPC ‘A’.
- Offers sought in excess of £9,820,000 (Nine Million, Eight Hundred and Twenty Thousand pounds), which reflects a net initial yield of 8.80% after purchaser’s costs of 6.69% and a capital value per sq ft of £198. (A purchase at this level would show a reversionary yield of 12.66% when adopting our assumed stabilised ERV.)
