First Point, Gatwick
Acting on behalf of Aberdeen Asset Management, Joiner Cummings acted on the sale of First Point to Gatwick Airport in January 2017 for £18.3m, equating to 7.29% NIY.
- Prime South East multi-let
office investment located adjacent to Gatwick Airport, within walking distance
of the terminal buildings.
- Highly specified Grade A
building totalling 62,028 sq ft
which has recently been significantly refurbished at a cost of
- Excellent proximity to
Gatwick Airport, the M23 and M25 motorways and
access via train to central London within 30 minutes.
- 92% let to 5 tenants on 6
leases providing and attractive WAULT of 7.2
years to expiry 4.2 years to break.
- Currently producing
£1,423,451 per annum reflecting an average rent on let space of
£22.55 psf. Latest deals reflect up to £24.60 psf with £26.00 psf being
promoted on the vacant element.
- Strong tenant profile from a good balance of airport related users and large corporates
- Major tenants include HSBC,
Close Asset Management, Norwegian and Amadeus.
- Outstanding parking
provision of 270 spaces reflecting a
ratio of 1:230 sq ft.