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Harbourview Development Cromwell St 8,011 SF 69% Leased Office Building Stornoway HS1 2DF $884,952 CAD ($110.47 CAD/SF) 8.49% Cap Rate

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INVESTMENT HIGHLIGHTS

  • Multi-let on fri lease lease terms
  • Asset management opportunities
  • Attractive blend of covenants

EXECUTIVE SUMMARY

Offers over £475,000, exclusive of VAT are invited in respect of our client’s heritable interest in the property with the benefit of the existing leases. Based on the current rental income of £42,080 per annum, exclusive of VAT, a purchase price at this level represents a Net Initial Yield of 8.49% after deduction of normal purchaser’s costs and a Reversionary Yield of 11.35%.

PROPERTY FACTS

Sale Type
Investment
Property Type
Office
Tenure
Freehold
Building Size
8,011 SF
Building Class
B
Year Built
2006
Price
$884,952 CAD
Price Per SF
$110.47 CAD
Cap Rate
8.49%
NOI
$75,132 CAD
Percent Leased
69%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
2,670 SF
Building FAR
2.67
Lot Size
0.07 AC

AMENITIES

  • Kitchen
  • Storage Space

ABOUT CROMWELL ST , STORNOWAY, WIS HS1 2DF

The subjects are located in the centre of town adjacent to Stornoway Harbour on the west side of Cromwell Street (A857) with a pleasant outlook and views across the Harbour and beyond. The property benefits from car parking directly adjacent to the building.

MAJOR TENANTS

  • TENANT
  • INDUSTRY
  • SF OCCUPIED
  • RENT/SF
  • LEASE TYPE
  • LEASE END
  • Stornoway Gazette (Johnston Publishing Ltd)
  • -
  • 670 SF
  • -
  • TBD
  • -
  • Wallace Stone
  • -
  • 1,257 SF
  • $10.80 CAD
  • -
  • Mar 2024
TENANT INDUSTRY SF OCCUPIED RENT/SF LEASE TYPE LEASE END
Stornoway Gazette (Johnston Publishing Ltd) - 670 SF - TBD -
Wallace Stone - 1,257 SF $10.80 CAD - Mar 2024

SPACE AVAILABILITY

  • SPACE
  • SIZE
  • SPACE USE
  • CONDITION
  • AVAILABLE
  • 2nd Floor
  • 2,463 SF
  • Office
  • Shell Space
  • Now

The subjects are located in the centre of town adjacent to Stornoway Harbour on the west side of Cromwell Street (A857) with a pleasant outlook and views across the harbour and beyond. The property benefits from car parking directly adjacent to the building. Occupiers within the building include NFU Mutual, NHS Western Isles, Mast-Ard Studio Ltd, Anderson Associates, Wallace Stone LLP and the Blue Lobster Café.

Space Size Space Use Condition Available
2nd Floor 2,463 SF Office Shell Space Now

2nd Floor

Size
2,463 SF
Space Use
Office
Condition
Shell Space
Available
Now

2nd Floor

Size 2,463 SF
Space Use Office
Condition Shell Space
Available Now

The subjects are located in the centre of town adjacent to Stornoway Harbour on the west side of Cromwell Street (A857) with a pleasant outlook and views across the harbour and beyond. The property benefits from car parking directly adjacent to the building. Occupiers within the building include NFU Mutual, NHS Western Isles, Mast-Ard Studio Ltd, Anderson Associates, Wallace Stone LLP and the Blue Lobster Café.

  • Listing ID: 19145445

  • Date on Market: 2020-04-08

  • Last Updated:

  • Address: Cromwell St, Stornoway HS1 2DF

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