Multi Let Freehold Office Building For Sale in Winchester, SO23

This property is marketed by:
Colliers

Key Features:

• Freehold
• Attractive city centre office building
• Cathedral views
• 15,038 sq ft (1,397 sq m)
• 13 secure undercroft car parking spaces

Description

Staple House is an attractive city centre office building located in the heart of Winchester, 500m from Winchester Railway Station and moments from the High Street.

The property comprises 15,038 sq ft (1,397 sq m) of recently refurbished office accommodation arranged over ground and three upper floors that benefit from three roof terraces with cathedral views.

The property is multi-let to five strong tenants including Capsticks Solicitors LLP and Premier Foods.

The passing rent is £391,211.50 per annum which reflects a low average rent of £26.01 psf.

The tenancies produce a WAULT of 7.36 years to expiry and 3.80 years to break.

The vendor will provide a 12 month rent, rates and service charge guarantee on the vacant part 3rd floor (922 sq ft) which has been refurbished to CAT A condition.

There are 13 secure undercroft car parking spaces which provide a good city centre car parking ratio of 1:1,157 sq ft.

The property is held freehold.

Staple House offers strong fundamentals to a purchaser owing to its historic city centre location, strong recent letting history and limited need for additional capital expenditure.

A rare opportunity to acquire a refurbished office in a historically constrained market, set new benchmark rents in the building and move on the rental tone at future lease events.

Location

Winchester is an affluent cathedral city situated in Hampshire. The city is a popular tourist destination owing to its historical significance as the first capital of England. The city offers excellent accessibility to Central London and the South Downs National Park. Winchester has a population of approximately 127,500 people and is strategically located 13 miles (21km) north of Southampton, 36 miles (58km) south west of Reading and 65 miles (104km) south west of Central London. The city benefits from excellent road connectivity with close proximity to Junctions 9 and 10 of the M3. The M3 provides direct access to other major southern roads including the M27, A31 and A34. Tourism is a significant contributor to the local economy with an estimated 5.6 million visitors to the city each year. The Sunday Times named Winchester as one of the best places to live in the UK in 2024 with house prices now averaging in excess of £500 psf.