Imperial House is a detached office building providing c.25,670sqft GIA of high-quality office accommodation over four floors, and benefits from a car park for approximately 32 vehicles. The office includes a staffed reception, lift and double glazing throughout. Additionally, there is air conditioning, suspended ceilings and perimeter & under floor trunking. There appears to be potential to create further accommodation in the airspace (STPP).
The property is multi-let and produces a combined rent and service charge currently of c.£506,265pa however that on the basis of only 54% occupancy. With the remaining space let and producing, the income (ERV) would increase to c.£968,434pa.
The ground floor is currently arranged as small office suites let with 114 work stations on short term licences to a range of individual tenants (business centre) with the rents being paid including service charge. Occupancy changes regularly but at present 48 work stations are occupied and 66 work stations are vacant. The rent being paid per work station averages out to £339pcm/£4,068pa.
The upper parts are currently arranged as four open plan offices let on leases with rent and then additional service charge paid. The vendors / landlords ran their business (OSTC Ltd) from part of the second floor (2,090sqft) and all of the third floor (5,£24.sqft) so c.7,746sqft in total fitted out to a high standard. The vendors / landlords sold their business towards the end of 2024 and the new OSTC business owners do not require the office space.
This gives potential buyers the option of letting this space to a new tenant(s) with the view of getting the occupancy back up to c.100% and income to c.£968,434pa and/or take up occupation for their business (owner occupier).
OSTC Ltd has / had a lease over part of the second floor and all of the third floor until October 2026. OSTC were paying a rent of £60,000pa (£28.70 per sqft) for part of the second floor and £141,399pa (£25 per sqft) for the third floor plus the service charge. It can be arranged that the leases continue and rent paid on part or all until the end of the term in October 2026. This would increase the gross income to £771,728pa.
As you can see there are various flexible arrangements that can be put in place to suit a buyers plans moving forward for the property.
