Prime Isle of Man Office Investment
Exchange House, 28,500 sq ft, £5,200,000, 9.5% Net Initial Yield, 35 car parking spaces
Investment Highlights
- •28,000 sq ft office & car park on main road in Central Business District
- •Total passing rent of £538,000 p.a. with 100% occupancy
- •Includes Car Parks – Basement (10 spaces) & Bank Circus (22 Spaces)
- •Planning approval for 2 story extension (9,500ft2 + roof terrace)
Executive Summary
- •Prime Investment in tax beneficial Isle of Man, which has no capital gains tax and no inheritance tax.
- •Opportunity to extend the building by 2 storeys (9,800 sq ft) with an expected additional rental income of £225,000 when complete (total £760,000). Facilitatory work complete to accept additional floors and crystallise planning.
- •Offers in region of £5,200,000 (Five Million) which reflects a NIY of 9.5%
- •Full data room available on request
Property Facts
Sale type - Investment
Tenure - Freehold
Price - £5.2m
Yield - 9.5%
Occupancy rate - 100%
Number of Floors - 5
Property type - Office
Property Size - 28,000 ft²
Passing Rent - £538,000
Tenancy - Multiple
Parking - 10 on-site, 22 (within 100m)
Planning - 9,800ft² + roof terrace
Planning approved for 9,800 sq. ft of prime office space + roof terrace. Fantastic asset management potential with facilitatory works already complete. Rare 360 degree panoramic roof terrace in central Douglas.
Contacts
Sharon Gelling
Black Grace Cowley
David Creane
Cowley Groves
Mike Osborne
MOP Group
Future Development
Planning approved for 9,800 sq. ft of prime office space + roof terrace.
Fantastic asset management potential with facilitatory works already complete. Rare 360 degree panoramic roof terrace in central Douglas.