Completely refurbished in 2006, Southbury House provides five floors of flexible open plan office space, arranged in two separate wings each of which has its own entrance. The property is DDA compliant, benefits from 3 passenger lifts, suspended ceilings, category II lighting, air conditioning, secondary glazing, perimeter trunking, dedicated on site management, male and female WC facilities on each floor and 75 on site car parking spaces.
Existing occupiers include Coffey Group, Database Sales Limited, Reed Recruitment, Westminster Homecare, Fortuna International and Serco Group PLC.
Approximately 50% of the building is currently let. Assuming the January rent review on 4th floor east is agreed (at the without predjudice level stated in the rent review trigger notice equating to circa £12.50 per square foot), the property would have a passing rent of £201,848 per annum exclusive.
The costs relating to the vacant space have been mitigated by virtue of a flexible letting arrangement of the empty space, which reduces the business rates payable on the remaining vacant space to 15% of that which would otherwise be payable.
The seller is prepared to offer the purchaser rent cover on the vacant space for 12 months providing a total annual rental income of c.£440,000 whilst the purchaser secures additional tenants, operates their business and/or investigates the alternative use planning potential.