Lancaster Road - Ribchester House, Preston, LAN

The property comprises a substantial six storey office building of reinforced concrete construction formed beneath a flat roof.
The property is located fronting Ringway (A59) at its junction with Lancaster Road, immediately opposite the new Law Courts and close to the main shopping area. There is excellent access to the City Centre, the A6 and Junction 31 of the M6 motorway.

Sale Notes:
The investment opportunity comprises a six storey building which has been extensively refurbished.
Offer invited at £1,850,000 equating to a net initial yield of 8.6% based on the current net income assuming purchasers costs of 5.75%. In October 2012, assuming the additional rent agreed on review and ignoring any other rental growth, the net reversionary yield will be 11.05%.

The offices are let to Forbes Solicitors on a new 10 year effective FRI lease from 31st October 2007 at an annual rental of £163,250 per annum. The lease incorporates a rent review on June 2012 which has been pre-agreed at an annual rent of £179,575 per annum (showing 10% uplift).