Fermi Avenue - Harwell Oxford Campus, Didcot, OXF

The property comprises a two-storey H-shaped building of brick and glazed elevations under a pitched tiled roof. The property was constructed in 2000 and totals 27,692 sq ft of open plan space.
The property is located within a 300 hectare campus around 20 minutes away from the centre of Oxford. The campus is trunked by the A34 dual carriageway corridor and is also around 10 minutes drive from J13 of the M4. Didcot Parkway railway station is around 5 miles away providing services to London.

Sale Notes:
The investment opportunity comprises the virtual freehold of a modern, high spec, open plan office building with ample onsite parking for 162 cars. The property offers a strong covenancy, being let until 2025 to AEA Technology Plc; a Government advisor on climate change.
Offers in excess of £4,400,000 subject to contract, which should show an initial yield of 10% reflecting normal acquisition costs of 5.8%. A purchase at this figure would reflect a capital value per square foot of only £159.

The property is held by way of a 999 year lease from 20 December 2000, at a peppercorn rental from United Kingdom Atomic Authority. There is an estate service charge which we understand runs at about £3,000 per annum which is recoverable from the occupational tenant.

The property is underlet in its entirety to AEA Technology plc for a term of 25 years from 25 December 2000. The lease is on full repairing and insuring terms subject to five yearly upward only reviews at a current passing rent of £464,780 per annum (£16.80 psf). The tenant has the option to determine the lease on 25 December 2015 by serving no less than 12 months written notice.