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

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%