RIB have completed on the purchase of Hounslow investment property Eaton House in for a private investor with a purchase price of £8.35m.
Eaton House has a long history as a Government let office and is currently used as an immigration centre. The property is currently let to the Secretary of State for Communities and Local Government for 15 years with their current lease expiring on the 24th December 2017. The property will have a new 10 year lease from the 25th December 2017. The average passing rent is £13.85 per square foot, giving a total rental income per annum of £500,000. This gives this Hounslow investment property a net initial yield of 5.51% making it an excellent investment.
The West London property is located very close to Heathrow which is one of the busiest airports in the world, meaning it has fantastic international links and potential for long term development once the lease expires. The property is held Freehold with 36,110 square feet of floor space, making this a great purchase for any investor.
We were delighted to complete the deal for this Hounslow investment property and look forward to completing many similar investment deals in the future as our rapidly growing investment department continues to go from strength to strength. If you are looking to purchase an investment in our core central London area, or indeed, anywhere else in the UK, we would be delighted to help. We have completed ever more deals outside of the West End and are excited about the potential growth in the property investment sector.
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