Higgs LLP, Unit 3, The Waterfront Business Park, Brierley Hill DY5 1LX
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Modern detached office on established mixed commercial park. Constructed in the late 1990’s the Headquarters office building is situated on The Waterfront Business Park.
The unit extends to 2,657 sqm (28,600 sqft) with 89 allocated car spaces.
The property is let to Hison Services Ltd t/a Higgs LLP who have been in occupation for nearly 15 years and are a long established Black Country law firm dating back to 1875.
Reversionary lease from 1 January 2018, expiring 31 December 2027.
The tenant’s break option on 1 January 2024 has been removed.
The passing rent is £343,200 per annum, only £12.00 per sq ft. We believe the rent is reversionary to £371,800 per annum (£13.00 per sq ft).
We are instructed to seek offers in excess of £3,225,000. This shows an initial yield of 10.00%, allowing for purchaser’s costs of 6.49%. Based on our ERV there is reversion to 10.83%. The underlying capital value is only £113 per sq ft, below vacant possession value.
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