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First Point, Buckingham Gate, Gatwick RH6 0PP

Status: Sold

Date: 24 January, 2017

Type: Offices

Details: Download PDF

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 £3.1m.
  • 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.
  • Freehold.