Property overview

Atlas Real Estate has recently completed the acquisition of a highly prominent business park office building on Pegasus Business Park, adjacent to East Midlands Airport, for Oval Real Estate.

The 2002 built office headquarters is a well specified two storey office building totalling 24,298 sq.ft with self contained car parking for 99 cars.

The property is held on a long leasehold basis for a term of 150 years with effect from 19^th July 2001 at a rent reflecting 10% of the gross rental income

The property is let to Regus (Nottingham East Midlands Airport) Limited with a guarantee from Regus plc for a term of 25 years with effect from 19^th June 2001.  The current gross rental income is £320,000 per annum and net rent is £279,852 per annum

The purchase price was £3,260,000 which reflects an initial yield of 8.11% and an underlying capital value of £135 per sqft.