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Gowring House, Market Street, Bracknell RG12 1JG
An opportunity to acquire the Freehold interest of Gowring House, a multi-let commercial and residential investment, located on Market Street in the Centre of Bracknell.
- The property consists of 30 residential apartments above 3 commercial retail units.
- Located in prime position on Market Street, 2 minutes’ walk to the main line railway station and major shopping centre.
- The three commercial units are fully let and produce a rent of £99,250 per annum. The commercial units have a WAULT of 2.81 years to first break or expiry.
- There is a further £4,791 per annum of rent from 12 parking spaces (ERV £11,400 per annum).
- 25 apartments have been sold on 125 year leases, producing £8,200 per annum ground rent.
- Apartments 8, 17, 22, 23 & 28 have been retained and are let on ASTs producing a rent of £60,900 per annum and will be included in the sale.
- Total income £173,141 per annum.
- The property is elected for VAT.
We are instructed of offer Gowring House for sale at a Guide Price of £2,500,000 (excluding VAT), subject to contract for the Freehold interest. Reflecting a net initial yield of 6.53% assuming standard purchasers costs of 6.08%.
