14 Athol Street, Douglas

An opportunity has arisen to purchase this prime fully tenanted office building situated in the centre of the financial district.

14 Athol Street comprises a modern steel frame building constructed in the late 1990s which has raised access floors, comfort cooling, central heating and mechanical ventilation. The property provides a total of 17 998 sq ft approx. of office accommodation arranged over 5 floors. The attractive entrance foyer leads to an Otis lift which serves all floors. 23 car parking spaces are provided on an open surfaced car park with automatic barrier at nearby Market Street in close proximity to the Premier Inn hotel.

The upper floors (14,451 sq ft) and offsite car parking are held on a 999 year lease which commenced on 29 th July 2005 and this long leasehold is being marketed for sale. The freehold is owned by 14 Athol Street Ltd and the sale includes 80% shares in 14 Athol Street. The other 20% holding is held by the ground floor owners. The building’s ground floor (3,547 sq ft) is under separate ownership and is not being marketed.

Current upper floor office rent of £239,120.25 per annum. Current car parking rent of £29,550 per annum. Total passing rent £268,670.25 per annum. Gross yield of around 7.46% on the total passing rent.