Property overview

Franck-Steier Price Ltd (FSP) has recently completed the purchase of a modern office investment in Portishead, on behalf of a private investor

.The property is located on Portisfields, Middlebridge Business Park and comprises a high specification two storey, semi detached office building of 216.7 sq.m (2,333 sq.ft).

The property is let to a government tenant for a term expiring on 10 February 2019. The lease is held on full repairing and insuring terms and is subject to a tenant break option on 22nd February 2014. The passing rent is £27,660 per annum (£11.86 per sqft).

The investment was purchased for £317,500 which reflected a net initial yield of 8.2% after allowing for a small outstanding rent free period. The price paid reflected £136 per sqft