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26,400 Sq Ft (2,452.56 Sq M)
- Athena House is a two storey portal frame design, and was constructed in 1999. It is situated on a standalone secure site in the principal business district of Petersfield, adjacent to the main A3 trunk road.
- In 2019, the building was extensively refurbished, and the roof was completely replaced in order to comply with current building and insurance regulations. The refurbishment involved a significant capital expenditure of circa £3 million
- The site is 1.6 acres and comprises a building of 26,400 sqft (2,452.63 sqm) IPMS.
- The site is fully let to Moneybarn Limited on a 15 year FRI lease expiring 23.04.2034 with tenant only breaks at 24.01.2028 and 24.04.2031. The lease is subject to upward-only rent reviews on 24.04.2025 and 24.04.203.
- The headline rent is £382,000 pax (£14.47 per sq ft).
- The tenants, Moneybarn Limited, commenced trading in 1992 and are involved in financial leasing. They have a Dunn & Bradstreet Rating 4A 1, and at 31.12.2020 have a net worth of £19.8m and a turnover of £25.1m.
- Whilst there is no cross guarantee in place, the ultimate Parent Company is Provident Financial Plc who have a Dunn & Bradstreet Rating of 5A 1. At 31.12.2020, they have a tangible net worth of £531.2m, and total assets of £2.3bn.
- We have been instructed to seek offers in excess of £4,900,000 which equates to a net initial yield of 7.31% (after graduated purchasers costs of 6.59%).
- For dataroom access please use the following link: https://www.flude.com/athena-house/
Petersfield is an attractive market town strategically located on the A3 London to Portsmouth trunk road, approximately 18 miles to the north of Portsmouth and 25 miles to the south of Guildford. Road communications are excellent and in addition Petersfield benefits from a fast frequent train service to London Waterloo (1 hour 10 minutes), Portsmouth (26 minutes) and the South Coast.
Petersfield has a catchment population of 163,000 (2017) which is projected to increase. The social class breakdown of the area calculates that over 70% of the working population are with classes 1 through 5 being the senior and skilled trades (Experion).
A3 - 0.5 mile
A27(M27) - Junction 5 - 12 miles
Rail - London Waterloo 1 hour 10 minutes
The property is located within the popular and established Petersfield Business Park which is situated on the western side of the town on Bedford Road, providing quick access onto the A3 and a short walking distance to the town centre and railway station.
Other occupiers in the area include L'Oreal (Whitman Laboratories), Colt International, Bellsure Group amongst others.
Investment - South Coast Modern Freehold Office
Total NIA 2,452.63 sq m (26,400 sq ft)
The property comprises a single let office building of approximately 26,400 sqft (2,452.63 sqm) net internal area over two floors. The building
has been comprehensively refurbished in the last 2 years at a cost of approximately £3.0m.
The property is constructed by way of a steel portal frame with concrete floors under a new pitched roof with external elevations in a mixture of
brick and glass. The ground floor has an impressive full height glazed entrance lobby giving access to open plan offices beyond. There is a large
breakout/kitchen area with exposed services, gym studio and various meeting rooms.
At the first floor there is a further large open plan area and also at this level is a boardroom, training rooms and further meeting rooms. Internally the building benefits from full access raised flooring, suspended ceilings in main office areas with LED lighting and PIR movement sensors, and Cat 6 cabling. The building is fully air-conditioned with a new ducted Mitsubishi electric heat recovery VRF system together with a Building Management System.
Secure car parking is laid out for 100 cars providing a parking ratio of 1:264 sqft.
Level Desc. sq m sq ft
Ground Office 1,265.50 13,623
First Offices 1,187.13 12,777
Total NIA: 2,452.63 26,400
IPMS 3 Calculation:
Total 2,635 sqm (28,370 sq ft)
The building sits on a site of 1.6 acres.
The property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
Each party to bear their own legal costs incurred.
We have been instructed to seek offers in excess of £4,900,000 which equates to a net initial yield of 7.31% (after graduated purchasers costs of 6.59%).
The property is fully let to Moneybarn Limited on a 15 year full repairing and insuring lease expiring 23.04.2034 with tenant only breaks at 8 years 9 months (24.01.2028) and 12th (24.04.2031) anniversaries of the lease.
The lease is subject to upward only rent reviews on the 6th (24.04.2025) and 12th (24.04.2031) anniversaries of the lease.
The headline rent is £382,000 pax.
The first four years of the term until 23.04.2023 have a rent of £286,500 pax which then reverts to the headline rent of £382,000 for years 5 & 6 until review. This discount is the equivalent of 12 months rent free. The vendor will top up the rent from the purchase date.
Energy Performance Rating
We understand the property to have an EPC rating of C (69).
For further information or to arrange a viewing or inspection, please contact the sole agents, Flude Property Consultants:
023 9262 9007