For sale

1,797 sqft office

Saba Tower 1, Jumeirah Lake Towers

Property details

Office

Built up area

1,797 sqft

Average net ROI

8.36%

Ref no.

ZK-SABA1-001

AED 6,200,892

All listings

Najeeb Zakri

Investment Advisor

Reach out now

An office in Saba Tower 1, let for two years on a two-year lock-in to a chartering brokerage of seventeen years' standing in JLT.

The entry rate is what carries this one. At AED 3,450 per square foot it is the lowest of the three offices on this page by some margin, and the gross return of 9.68 per cent is the highest, because the rent is set against a floor plate bought below the tower's fitted rate.

The lease runs two years with a two-year lock-in, at an average of AED 342 per square foot, from 20 July 2026 to 19 July 2028. Year one is AED 600,000 plus VAT, stepping up five per cent, and the whole year is settled in a single cheque. A lock-in of the full term means the income is not merely contracted, it is closed to a break.

The covenant is the real security. The tenants are a vessel chartering brokerage in oil and gas who have traded out of JLT for seventeen years, with a second office in Singapore and Houston under consideration. A business of that age paying a year at a time is a different risk from a start-up paying four cheques.

The published return is struck on the VAT-inclusive cost. Recovered, which a VAT-registered buyer will do, the average net return is 8.76 per cent rather than 8.36 per cent.

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The investment case

8.36%

2-year average net ROI

On the total purchasing cost including VAT

8.76%

Net of VAT recovery

For a VAT-registered buyer

9.68%

Gross ROI

Year one rent on the purchase price

Purchasing costs

The purchasing costs for 1,797 sqft office, in AED
Purchase price, ex.VATAED 3,450 per sqft · 1,797.36 sqft	AED 6,200,892
Transfer fee (DLD, 4% of purchase price)	AED 248,035.68
Agency fee (2% of purchase price, ex.VAT)	AED 124,017.84
Sales progression (conveyancing)	AED 9,000
Trustee fee and title deed admin	AED 4,980
Total purchasing cost, ex.VAT	AED 6,586,925.52
Total purchasing cost, inc.VAT	AED 6,903,171.01

VAT falls on the purchase price and the agency fee. It does not fall on the DLD transfer fee, conveyancing or the trustee fee, which is why both totals are shown rather than one derived from the other.

The lease

Term: Two years, two-year lock-in
Dates: 20 July 2026 to 19 July 2028
Average rent: AED 342 per sqft
Rent, year one: AED 600,000 plus VAT
Increment: 5% a year
Payment: One cheque a year

The tenant

A vessel chartering brokerage in oil and gas, seventeen years in JLT, with a second office in Singapore and Houston under consideration.

Service charge runs at AED 21 per sqft, taken out of the rent in every year below before the return is struck.

Rental income and return

Rental income and net return for 1,797 sqft office, by year, in AED
Measure	Year 1	Year 2
Rent per sqft	AED 333.82	AED 350.51
Rent per annum	AED 600,000	AED 630,000
Less service charge	(AED 37,744.56)	(AED 37,744.56)
Net rent	AED 562,255.44	AED 592,255.44
Net ROI, on cost inc.VAT	8.14%	8.58%
Net ROI, on cost ex.VAT	8.54%	8.99%

Every figure above is taken from the seller’s costing sheet and the signed tenancy contract. The annual rent steps are the ones written into the lease, not a forecast. Returns are stated before financing, income tax and any cost of ownership not listed here, and a buyer should have the lease and the service charge budget verified independently before exchange.

Specification

Let for two years with a two-year lock-in
Average rent AED 342 per sqft
Year one rent AED 600,000 plus VAT
5% annual increment
Rent paid annually, one cheque
8.36% average net ROI
9.68% gross ROI
Vessel chartering brokerage, oil and gas
Seventeen years operating in JLT
Second office in Singapore
Houston expansion under consideration
Saba Tower 1, Jumeirah Lake Towers
DMCC free zone
Service charge AED 21.00 per sqft

Disclaimer: all sizes listed are approximate and based on the documentation provided at the time of listing the property. Exact unit and plot sizes may vary from what is presented above.