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Aurora House, Office, Milton Keynes

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Basic Facts

Status: Type: Tenure: Freehold Gross Rent: £ 481,642
Area: 42890 sq ft VAT applicable: Yes Years left on Lease: -0.4

Property Description

  • Reversionary Multi Let Office Investment.
  • The property comprises a detached two storey office building constructed around a concrete and steel frame with a mixture of glazed, cladding and brick elevations with a flat roof in general.
  • We are informed that the property was constructed in the 1980’s and has been refurbished and modernised throughout at periodic intervals. We understand that the last major refurbishment was carried out in 2006 though the reception areas and canteen areas have recently been upgraded.
  • The property is arranged over ground and first floors providing 48,847 sq ft (4,537 sq m) GIA and a net lettable area of 42,890 sq ft (3,985 sq m). The property benefits from a site area of approximately 3.2 acres (1.294 hectares) incorporating just over 200 parking spaces providing a generous ratio of 1 space to 222 sq ft.
  • The rear of the property approached from a self contained entrance to the side of the property, originally used for manufacturing, has been converted to a church and benefits from an extended headroom.The property has access control throughout with CCTV and an 8 person passenger lift. There are three meeting rooms including one large boardroom for the exclusive use of the tenants.

Location Description

  • Milton Keynes in Buckinghamshire is an established commercial location, situated 54 miles North West of London, 76 miles South East of Birmingham, 45 miles North East of Oxford and 48 miles South East of Cambridge.
  • Rooksley is located north-west of Central Milton Keynes with access from V6 Grafton Street and H4 Dansteed Way within walking distance of Milton Keynes Central Railway Station just 1 mile away. Other local occupiers include Halfords, Next Home, Smyths Toys Superstore, Costa, ABB Ltd, Wed2B and Hitachi Power Tools (UK) Ltd.
  • The property occupies a prominent position fronting Deltic Avenue on the Rooksley Employment Area, within close proximity to the B&Q Retail Warehouse, Go Outdoors and Central Retail Park.
  • The resident population is over 200,000, but is projected to exceed 300,000 in the next fifteen years, making it one of the fastest growing towns in the UK.

Additional Information

  • We believe that a further 12,000 sq ft approx. of offices can be created by converting the current “church” at the rear of the property into two floors of office accommodation subject to the necessary consents.
  • The building sits on a large site of 3.2 acres—we believe that part of the site could be further developed to either offices or industrial/trade units. Grade A office rents in Milton Keynes are currently at £22.50 per sq ft. The office market along the M1 corridor has been particularly strong over the past year with the diminishing supply of offices due to permitted development and increased demand from tenants. Recent occupational transactions on refurbished space include the second and third floors of Fortuna House at 651 South Fifth Street at £16 per sq ft , 249 Silbury Blvd comprising 8,057 sq ft at £18.23 and £15 on Witan Court, Witan Gate.

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