Southgate House, 449-499 Midsummer Boulevard, Milton Keynes, MK9 3BN


£9,445,000 / NIY 6.5%

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Property specification

  • Government let Central Milton Keynes office investment
  • Office accommodation totalling approx. 41,646 sq ft (3,869.1 sq m) over 4 floors with 18 car parking spaces
  • The property is entirely let to The Secretary of State for Levelling Up, Housing and Communities for a term expiring 31/03/2028, therefore providing 5.89 years to expiry
  • The next rent review is 01/04/2023
  • 2023 Tenant break clause removed
  • The passing rent is £655,000 per annum (£15.72 per sq ft overall)
  • Prime Grade A rents in Central Milton Keynes at £28.50 per sq ft.
  • Estimated headline rental value as existing £790,000 per annum, equating to £19.00 per sq ft with potential to increase this to a headline rent of £26.00 per sq ft with a full refurbishment
  • Potential to increase massing subject to necessary consents
  • £9,445,000 / NIY 6.5%

Lease terms

Offers are invited in excess of £9,445,000, subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 6.5%, an estimated reversionary yield of 7.85%, and an equivalent yield of 7.75%, assuming purchaser's cost of 6.8%. This equates to a capital value of £226 per sq ft

020 3761 3648


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The building is prominently situated in Central Milton Keynes, on the corner of Saxon Gate and Midsummer

Train Stations
  • Central Milton Keynes 1.05km
  • Stonebridge 4.02km
  • Bletchley 5.25km
  • Milton Keynes 5.4km

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Lucy Young

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